Over the past year, the price of a newly built home has fallen, In fact, new home prices are down 3.9 percent, according to one analysis. But while new home prices have eased somewhat, that doesn’t mean they’re selling at a discount. The data shows that, nationally, the median newly construction home still sells for around $410,000 – which is about $53,000 more than the median for all homes. In other words, buyers still pay a premium if they’re buying a new rather than an existing home. But it also depends on the market. That’s because the new home market varies from one place to the next. For example, Raleigh leads the country with 66 percent of sales going to newly built homes – while the share sits below 5 percent in places like Detroit, Cleveland, Los Angeles, Miami, and San Diego. In other words, some places have more new homes to offer than others. And where there are more new homes, there are better prices. (source)
