#new-home-sales

#new-home-sales

Belated new-home sales levels reached a more than three-year peak in September and October, but selling prices plummeted as homebuilders dialed in concessions to pull hesitant buyers from the sidelines. Even as new-home sales show signs of solid demand, homebuilders face mounting pressure to bridge affordability challenges by leveraging incentives, costly mortgage buydowns, and lower prices. These tactics come at the expense of their operating margins, but are necessary to move abnormally elevated levels of started- and completed inventory.

The median existing home sales price for March was $403,700, up from $392,900 the previous year, indicating a continued but slower climb in home prices.