by Wolf Richter
Wolf Street
Here’s why: New house prices -18% from peak, back to Nov 2021, further sweetened by mortgage-rate buydowns.
The median-price of new single-family houses at all stages of construction that were sold in March rose to $430,700, which was down by 1.9% from a year ago and by 18.2% from the peak in October 2022, according to data from the Census Bureau today (blue line in the chart below).
The three-month moving average median price – which irons out some of the very volatile data and includes all revisions – edged up to $419,500, which was down 3.5% year-over-year, down 2.7% from March 2022, down 11.8% from its peak in December 2022, and back where it had first been in November 2021 (red).