Are New Homes on Sale now?  Home Buyers are finding

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Home buyers who seek something brand new may be able to score a deal. Although real estate prices have been on the rise generally, there are exceptions. The cost of buying new-construction has fallen to its lowest point in the last 12 months, realtor.com® reports.

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The median price of a new home fell nearly 6.9 percent from March to April, reaching $312,400, the Commerce Department reported this week. The price is up just 0.4 percent from a year ago. 

“This could be a sign that builders are trying to build at lower price points,” says Danielle Hale, realtor.com®’s chief economist.

That would be welcome news to first-time buyers and home shoppers who are on a tight budget. “The largest share of home buyers and home shoppers in the market are looking to buy entry-level homes,” she adds. 

Five percent of new-home sales were for properties priced under $150,000 in April, which is the largest share since August 2016, Hale notes. 

The prices may be coming down a bit, but the cost of a new home is still more than purchasing an existing home. New homes remain about 24.8 percent more expensive than the $250,400 median cost of an existing home, according to the National Association of REALTORS®. 

Plus, buyers may be hard-pressed to find enough choices in the new-home sector. 

“The absolute level of [new-home] sales remains quite low compared to current demand levels and the overall population. But you can’t sell what hasn’t been built,” said Freddie Mac’s Len Kiefer in a statement. “As long as single-family home construction remains at a low level, so too will new home sales.”

Source: “Get One While You Can: New-Home Prices Have Fallen to a 12-Month Low,” realtor.com® (May 23, 2018).

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