The latest new home sales report from the U.S. Census Bureau and the Department of Housing and Urban Development found sales of newly built single-family homes down 10.5 percent in July from the month before. But while that’s bad news for builders, it may be good for home buyers. Why? Well, slow new home sales mean home builders need to do more to attract buyers. And the best way to attract buyers is reducing prices. That makes now a good time to be shopping for a new home, as builders are offering lower prices and sales incentives to interested shoppers. In fact, according to the July report, the median sales price of a newly built home fell 2.3 percent in July to $393,800. That’s the lowest it’s been since 2021. It’s also lower than the current median price for an existing home, which is atypical, as new homes are historically more expensive than older homes. (source)
