by Wolf Richter
Wolf Street
Prices of New Houses v. Existing Houses: Price cuts and mortgage-rate buydowns make new houses more attractive.
The median price of new single-family houses that were sold in February fell to $400,500, the lowest since June 2021, down by 7.6% from February 2023 and down by 6.3% from February 2022, according to data from the Census Bureau today (blue in the chart). Compared to the peak in October 2022, the median price has dropped by 19.4%.
The three-month moving average, which irons out some of the monthly ups and downs, fell to $411,700, the lowest since September 2021 (red).