Redfin reports that new-construction sale prices fell 1% year over year in the first quarter of 2019, the first price drop in seven years.
The drop puts new-home prices at a median of $363,900. Redfin also reports that while the median sales prices for existing homes continued to grow in the first quarter of 2019, they did so at the slowest pace in seven years, up just 1.5% to $282,900. The first quarter also saw a decline in sales and a rise in inventory.
The small decline in new-home sale prices and sales and the rise in supply were expected. We first reported that demand for new homes was cooling in the second half of 2018 as builders started dropping prices and offering incentives to agents and buyers showing interest in new construction, such as free design upgrades.
Advertisement
Related Stories
Housing Markets
Metros Where Housing Prices Have Doubled in Less Than 10 Years
Historical data show it's taken less than 10 years for home prices to double in 68 of the country’s 100 largest cities
Housing Policy + Finance
Even With Inflation Running Hot and Elevated Mortgage Rates, Buyer Demand Rises
Mortgage rates will likely stay high for the next few months, but that doesn't seem to be deterring homebuyers
Financing
Q1 2024 Foreclosure Activity Rises Slightly
Data show New York, Houston, and Chicago topping the list of major metros with the greatest number of foreclosure starts during Q1 2024
