It’s Still Cheaper To Buy A New Home In The US Than An Existing One
Summary
In the U.S., it's currently cheaper to buy a new home than an existing one. Sales of new homes are rising, while existing home sales have decreased slightly. Builders are offering discounts and incentives, making new homes more attractive to buyers.Key Facts
- Sales of existing homes decreased by 0.2% in August from July.
- New home sales increased to 800,000, a 20.5% rise from the previous month.
- Since 1999, new homes have only been cheaper than existing ones in 10 months; 8 of those months have been within the last 15 months.
- Builders are offering discounts to attract buyers; 39% offered price cuts in September.
- The median sale price for a new home in August was $413,500.
- Existing home prices have risen for 26 consecutive months, with a median price of $422,600.
- Existing home inventory fell by 11.7% year-over-year to 1.53 million units.
- Recent declines in mortgage rates may improve sales in the upcoming months.
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