The median price of a new home was $302,100 this June, the second lowest since February 2017, per the Census Bureau and Department of Housing and Urban Development.
Existing homes hit a new record high, $276,900, yet the gap between the median prices of new and existing homes is getting more narrow, offering entry-level homebuyers a chance to get into the market. While Realtor.com chief economist Danielle Hale says she is not reading too deeply into the price declines for new homes, she posits that "a shift toward lower prices could indicate a shift toward more affordable construction to come."
The Northeast was the only region that saw a surge in new homes being sold and hitting the market in June. It was up 26.8 percent from the previous month and 20.9 percent from the the previous year. The West experienced a 5.2 percent monthly drop and a 15 percent annual plunge in the number of new homes sold and for sale. It was followed by the South, where it was down 7.7 percent from May, but was up 8.1 percent from June of 2017. In the Midwest, it plummeted 13.4 percent month-over-month, but the number of homes sold and for sale rose 7.6 percent year-over-year.
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