New Home Prices Have Dropped to Lowest Levels Since February 2017
As home prices continue to decline, homeowners considering buying a newly built home may want to take the plunge now. The median price of a new-construction home slid to $302,100 in June, according to a joint report by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
This figure marked the lowest it has been since February 2017, when the median price was $298,000. This is good news for buyers given the median price of an existing home was only slightly less in June at $276,900, according to the most recent National Association of Realtors report. While the figure marks an all-time high for the median price of an existing home, it is still only 9.1 less than the median price of a newly constructed home.
Despite the declining prices for new homes, the number of new homes sold and for sale declined 5.3 percent from May. It was a year-over-year increase of 2.4 percent from June 2017.
The Northeast was the only region to experience a significant surge in new homes being sold and hitting the market in June, up 20.9 percent from one year earlier. The West experienced a 15 percent annual decline. The South was up 8.1 percent from June 2017. The Midwest experienced a 7.6 percent increase in the number of homes sold and for sale year-over-year.
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