Reported 11 months ago
In today's housing market, the median price of newly built homes has nearly matched that of existing homes, with the median new home selling for $420,600 compared to $416,700 for an existing one. This shift is attributed to the reluctance of existing homeowners to sell due to higher mortgage rates, leading to a tighter inventory, while builders are actively constructing new homes at more competitive prices. As the market normalizes, it is likely that the close price parity will continue into 2025.
Source: YAHOO