I bought 4 fixer-uppers in Calif. 2 condos and two 3br houses. Did quite well for someone who can only do grunt work and hire out the skilled stuff to dirt bag contractors. Why build new? You gotta get really legal.
Most homes in my area (northeastern NJ) are older; the Dutch started building here in the 1600s, and there isn’t much buildable land available. Also, we’re losing population; no reason to build housing then complain it is empty.