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New construction vs. resale homes: How agents can guide buyers in today’s market

Housing Wire

With high prices and still stiff competition, those looking to buy a home in today’s real estate market need to consider every opportunity, including the choice between new construction or a resale home. Census Bureau, the median sale price of a new construction home in March 2024 was $430,700.

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As the lock-in effect eases, the market for new homes is shrinking

Housing Wire

As high mortgage rates reshape the housing market, existing homes are making up a larger percentage of for-sale inventory, and homebuyers are taking notice. NAR data shows that the annualized rate of existing-home sales dropped 1% from August to September, landing at 3.84 The sales pace was down 3.5% million units.

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How New Hampshire is looking to alleviate its housing crisis

Housing Wire

I think there would be even stronger growth and more stability in the market if we had more houses for sale, he added. Underlying issues Despite this progress, Dapice and others are frustrated by the lack of new construction especially starter homes in the state.

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Here’s why new home sales are up along with prices

Housing Wire

Today new home sales beat estimates , and new home median sales prices hit an all-time high. Hopefully, I can make sense of this report, which showed the home sales beat estimates with prices still at all-time highs. In theory, the sales levels are lower than the data will show. What is going on here?

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Southern construction boom is aiding housing affordability

Housing Wire

This construction boom is contributing to slower home-price appreciation and, in some cases, price declines. In the housing market, you cant buy whats not for sale, said Sam Williamson, senior economist at First American. Ten of these 16 markets were located in the South , where new construction continues to expand inventory levels.

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Existing home sales fell in June while monthly median sales price spiked

Housing Wire

With elevated mortgage rates sidelining both home buyers and sellers, existing home sales fell in June, according to the latest report from the National Association of Realtors (NAR). Sales were also down significantly from a year prior. Total existing home sales slipped 3.3% Year-over-year, sales dropped 18.9%

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The homebuilding space consolidates after strong results in 2023

Housing Wire

New construction accounted for approximately 30% of active for-sale housing inventory, doubling the usual figures for a standard year. They also boast advantageous relationships with land sellers and can command lower costs of debt. Their size and scale allow them to be more efficient in their spending.