Generally speaking, something old is going to be less expensive than something new. That’s true for most things and certainly homes for sale. New homes are typically more expensive than previously owned homes. But according to new numbers from the National Association of Realtors’ consumer website, the two are now closer in price than they’ve ever been before. In fact, the median price for newly built homes is currently $451,337 while the median for an older home is $409,667. Danielle Hale, the website’s chief economist, says the new home market is creating opportunities for buyers. “New construction continues to play a critical role in expanding housing options and easing affordability challenges for buyers,” Hale said. “Builders are responding directly to market conditions and the financial barriers buyers face, from high monthly payments to large down payments, and are creating compelling opportunities to shop new homes in today’s market.” (source)
