New home sales inch higher despite 7% mortgage rates: 'There's more opportunity,' economist says
Publishing timestamp: 2024-04-26 13:38:49
Summary
Homebuyers are turning to new construction due to more incentives and availability compared to previously owned homes. Median sales price for new single-family houses is $430,700, up 8.3% from last year. Existing home sales have dropped, leading buyers to consider new builds with incentives like rate buy-downs and price cuts. The price gap between new and existing homes has narrowed significantly.
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