The supply of new homes, as well as their median sales price, fell in the second quarter of 2019, Redfin reports.
Sale prices for newly built homes dropped 0.5 percent year over year to a median of $372,900 in the second quarter of 2019. Prices for new homes have remained largely unchanged throughout the first half of this year after seven straight years of increases. Meanwhile, the median sale price for existing homes rose 3.2 percent in the second quarter to $309,700, continuing a seven-year trend of increasing prices.
Meanwhile, supply of new homes was down 1 percent, the biggest annual decline since the first quarter of 2013. Supply of existing homes was up 1.1 percent in the second quarter, the fourth consecutive quarter of increases.
The small price decline for new homes in the second quarter, along with a 0.7 percent year-over-year decrease in new listings and a 3.4 percent annual drop in building permits, signals that the new-home market remained soft in the second quarter.