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Andrew Lokenauth: Median new home price below existing home for first time in 50 years

Andrew Lokenauth: Median new home price below existing home for first time in 50 years
Median new home price falls below existing

Andrew Lokenauth reports that, for the first time in 50 years of available data, the median price of new homes is lower than that of existing homes.

In the first quarter, the median price for a new home was $403,200, while the median price for an existing home reached $404,600. According to Lokenauth, homebuilders are responding to market conditions by reducing prices, buying down mortgage rates, and covering closing costs to drive sales.

Lokenauth has highlighted other shifts in major markets this year. He reported that U.S. stock market futures fell as oil prices jumped following new Iran tensions. In a separate update, he noted that major U.S. firms including UPS, Oracle, and Amazon announced tens of thousands of layoffs as of July.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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