A thousand more affordable homes were sold in July than in June, according to Realtor.com.
Builders sold 8,000 homes priced below $200,000 last month, representing 16 percent of all new homes sold. Though the figure is up from 7,000 in June, it’s 2,000 fewer sales than in July 2016.
Around 571,000 new homes were sold in July, down 9.4 percent from the month before and 8.9 percent from a year ago. The median price of a new home was $313,700, up less than 1 percent from June and 6.3 percent from July 2016. More than 50 percent of new homes sold in July, 26,000 total sales, were priced between $200,000 and $399,999.
Rising labor, material, and land costs, along with increased zoning and government regulations, have been cited as reasons for why new homes are more expensive.
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