Traditionally, buying a brand-new house was more expensive than purchasing something previously owned. But things have changed – and particularly in markets that have seen a lot of recent home building. In Sun Belt markets, like Austin and Tampa, new homes are now selling for big discounts. And, according to a new analysis, the national median price per square foot also shows newly built homes selling for cheaper. For example, the national median price per square foot for a new home is now $205 per square foot. By comparison, existing homes have a median of $212 per square foot. That’s not the way things usually work. It’s also not the way they work in every region. In the Northeast and Midwest, where there have been fewer new homes built over the past decade, the balance will be different than in places like Texas or Florida. Perhaps that’s why new homes make up more than 30 percent of sales in San Antonio and Raleigh but just 2 percent in Hartford. (source)
