The median sales price of new houses sold last month was $402,600, down 6.3% from a year ago and the lowest level recorded since February 2022.
Of the newly built homes sold in November, 25% sold for less than $300,000, up from a 13% share in October and 17% a year earlier.
It's a common misconception that new builds are out of the price range of prospective buyers; new construction is often offering better prices and better financing.
Supply of new homes continues to rise, climbing 2.1% from the prior month to a seasonally adjusted annual level of 490,000, indicating a stable market.
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