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Booming New Home Market Has Been Shrinking
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New Home Sale Prices Reach New Highs, Affordability Continues To Fall
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Average New Home Sale Prices In U.S. Reach New Record High
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Average new home sale prices are continuing to set new record highs. Initial estimates for April 2021 indicate they have reached $435,400, which is up nearly 5% from February 2021 s initial estimate of $416,000.
Median new home sale prices in April 2021 nearly reached a new high as well, with an initial estimate of $372,400, falling just $800 short of January 2021 s $373,200.
The price escalation of new homes in the United States continues to be unprecedented, which is driven home when we show the relationship for median new home prices with respect to median household income.
New Home Prices Rising Faster Than Median Household Income
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The median sale prices of new homes sold in the U.S. has begun rising slightly faster than median household income in the last several months, indicating that new homes have become slightly less affordable than they were earlier this year.
Measured as the ratio of the trailing twelve month averages of monthly median new home sale prices and median household income, the median sale price of new homes sold in the U.S. has slowly risen from a low of 4.88 times median household income in April and May 2020 to a high of 4.95 times median household income in September and October 2020. The following chart shows the developing rising trend in the context of the available historical data for both data series since 1968. (Please click here to see a full-size version of the chart).