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Sunday, August 25, 2013

New Home Prices

by Calculated Risk on 8/25/2013 11:29:00 AM

Here are two graphs I haven't updated for about a year.

As part of the new home sales report, the Census Bureau reported the number of homes sold by price and the average and median prices.

From the Census Bureau: "The median sales price of new houses sold in July 2013 was $257,200; the average sales price was $322,700."

The following graph shows the median and average new home prices.

New Home PricesClick on graph for larger image.

During the bust, the builders had to build smaller and less expensive homes to compete with all the distressed sales. With fewer foreclosures now, it appears the builders are moving to slightly higher price points.

The second graph shows the percent of new home sales by price. At the peak of the housing bubble, almost 40% of new homes were sold for more than $300K - and over 20% were sold for over $400K.

New Home Sales by PriceThe percent of home over $300K declined to 20% in January 2009. Now it has rebounded to around 38%. And less than 12% were under $150K.

Earlier on New Home Sales:
New Home Sales decline sharply to 394,000 Annual Rate in July
Comments on New Home Sales