{"id":18843,"date":"2021-05-10T11:13:09","date_gmt":"2021-05-10T11:13:09","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=18843"},"modified":"2021-05-10T11:13:09","modified_gmt":"2021-05-10T11:13:09","slug":"existing-homes-really-more-pricey-than-new","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/existing-homes-really-more-pricey-than-new\/","title":{"rendered":"Existing Homes Really More Pricey Than New"},"content":{"rendered":"

Existing Homes Really More Pricey Than New<\/h1>\n
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The median existing-home price for a single-family home in March jumped to a record high of $334,500, according to data from the National Association of REALTORS\u00ae. Meanwhile, the median sales price of a newly built home was $330,800, according to U.S. Census Bureau data.<\/p>\n

New homes are traditionally more expensive than used homes. The scenario in which existing homes sell for more than a new home hasn\u2019t occurred in more than 15 years, CNBC reports.<\/p>\n

However, that doesn\u2019t necessarily mean existing homes are more expensive, economists say.<\/p>\n

\u201cOn a per-square-foot basis, within comparable markets, a new home is still priced higher than an existing home,\u201d Robert Dietz, chief economist at the National Association of Home Builders, told CNBC.<\/p>\n

Available housing in the existing-home sector lately may be skewing toward the higher price brackets. For example, the number of existing homes that sold in March priced between $100,000 and $250,000 fell by 10% compared with a year earlier. On the other hand, the number of homes priced between $750,000 and $1 million that sold increased by 82% compared with a year earlier, according to NAR data.<\/p>\n

New-home construction is increasingly drawing more first-time home buyers, and some builders are starting to build slightly more entry-level homes to meet demand. First-time buyers were responsible for 43% of new-home sales in February, according to the National Association of Home Builders, higher than the 31% of existing-home sales first-time buyers purchased.<\/p>\n

Regardless, the higher price tags for existing or new homes haven\u2019t deterred home buyers.<\/p>\n

\u201cConsumers are facing much higher home prices, rising mortgage rates, and falling affordability; however, buyers are still actively in the market,\u201d said Lawrence Yun, chief economist at the National Association of REALTORS\u00ae.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Source:<\/div>\n
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\u201cPreviously Owned US Homes Have Bigger Price Tags Than New Ones<\/a>,\u201d FOX Business (April 27, 2021) and \u201cNew Houses Are Still More Expensive Than Existing Homes, Despite What the Data Shows<\/a>,\u201d CNBC (April 27, 2021)<\/div>\n
\u00a9National Association of REALTORS\u00ae
\nReprinted with permission<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Existing Homes Really More Pricey Than New The median existing-home price for a single-family home in March jumped to a record high of $334,500, according to data from the National Association of REALTORS\u00ae. Meanwhile, the median sales price of a newly built home was $330,800, according to U.S. Census Bureau data. New homes are traditionally … <\/p>\n

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