{"id":5078,"date":"2017-06-26T00:00:00","date_gmt":"2017-06-26T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/new-home-prices-hit-record-high\/"},"modified":"2017-06-26T00:00:00","modified_gmt":"2017-06-26T00:00:00","slug":"new-home-prices-hit-record-high","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/new-home-prices-hit-record-high\/","title":{"rendered":"New-Home Prices Hit Record High"},"content":{"rendered":"

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The median price for a new single-family home reached a record high in May of $345,800, the Commerce Department reports. Buyers will be paying a huge premium for new construction, as new-home prices are now 16.8 percent higher than they were a year ago.<\/p>\n

So far, however, the higher price tags don\u2019t seem to be spooking home shoppers. In May, 61,000 new homes were purchased\u2014a 2.9 percent increase from April and an 8.9 percent increase from a year ago, the Commerce Department reports. \u201cBuilders are focused on the mid to upper end of the housing<\/a> market,\u201d says Joseph Kirchner, realtor<\/a>.com\u00ae\u2019s senior economist. \u201cIt means that it will be more difficult to find more affordable homes for first-time buyers, millennials, and low-income people.\u201d<\/p>\n

Only 6,000 newly constructed homes sold in May were priced between $150,000 and $199,999. Further, there were about 14,000 sales in the $200,000 to $299,999 range. New homes now cost about 36.8 percent more than previously existing homes, which also reached record-high prices in May.\u00a0<\/p>\n

Regionally, new-home sales increased the most in the West last month, posting a 13.3 percent month-over-month jump, followed by a 6.2 percent increase in the South. New-home sales, meanwhile, fell 10.8 percent in the Northeast and plunged 25.7 percent month-over-month in the Midwest. \u00a0<\/p>\n

Source: National Association of Home Builders and \u201cNew Homes Just Keep Getting Pricier, But Buyers Keep Coming,\u201d realtor.com\u00ae (June 23, 2017)<\/em><\/p>\n<\/div>\n<\/div>\n

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[ad_1] The median price for a new single-family home reached a record high in May of … New-Home Prices Hit Record High<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":5079,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[1403,15239,2890,12908,543,215,248,127,344,258,204,41,818,479],"class_list":["post-5078","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-buy","tag-chase","tag-construction","tag-home","tag-home-buying-guide","tag-home-sale","tag-home-sales","tag-homes","tag-housing","tag-new-home","tag-new-homes","tag-property","tag-real","tag-realtor"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/regional_nhs_may17.png?fit=620%2C255&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":3867,"url":"https:\/\/amazingproperty.com.ng\/blog\/buyers-rushing-toward-new-construction\/","url_meta":{"origin":5078,"position":0},"title":"Buyers Rushing Toward New Construction","author":"Amazing Property","date":"April 26, 2017","format":false,"excerpt":"Sales of newly built single-family homes increased for the third consecutive month, posting a strong showing to the spring selling season, the Commerce Department reported Tuesday. Single-family new-home sales rose 5.8 percent in March to a seasonally adjusted annual rate of 621,000 units. \u201cThe March sales numbers are the second\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1383,"url":"https:\/\/amazingproperty.com.ng\/blog\/buyers-are-being-drawn-to-new-homes\/","url_meta":{"origin":5078,"position":1},"title":"Buyers Are Being Drawn to New Homes","author":"Amazing Property","date":"February 27, 2017","format":false,"excerpt":"[ad_1] Sales of newly built, single-family homes increased 3.7 percent last month, reaching a seasonally adjusted annual rate of 555,000 units, the Commerce Department reports. \"We can expect further growth in new home sales throughout the year, spurred on by employment gains and a rise in household formations,\" says Robert\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/02\/fb_reg_new_jan17.png?fit=600%2C222&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/02\/fb_reg_new_jan17.png?fit=600%2C222&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/02\/fb_reg_new_jan17.png?fit=600%2C222&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":4066,"url":"https:\/\/amazingproperty.com.ng\/blog\/home-prices-grow-twice-as-fast-as-incomes\/","url_meta":{"origin":5078,"position":2},"title":"Home Prices Grow Twice as Fast as Incomes","author":"Amazing Property","date":"May 1, 2017","format":false,"excerpt":"Strong buyer demand this spring is pushing home prices up at double the rate of increase in income growth, The Wall Street Journal reports. The median price of an existing home for all housing types was $236,400 in March, up 6.8 percent from a year ago, when it was $221,400,\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5875,"url":"https:\/\/amazingproperty.com.ng\/blog\/are-new-homes-pricing-out-too-many-buyers\/","url_meta":{"origin":5078,"position":3},"title":"Are New Homes Pricing Out Too Many Buyers?","author":"Amazing Property","date":"August 24, 2017","format":false,"excerpt":"The prices of newly built homes are rapidly rising, which\u00a0may have\u00a0caused\u00a0the plunge\u00a0in new-home sales last month, CNBC reports.\u00a0Sales of newly built single-family homes tumbled 9.4 percent month over month in July to a seasonally adjusted annual rate of 571,000 units, the U.S. Department of Housing and Urban Development and the\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"regional_nhs_jul17.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/regional_nhs_jul17.png?fit=620%2C255&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/regional_nhs_jul17.png?fit=620%2C255&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/regional_nhs_jul17.png?fit=620%2C255&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":3914,"url":"https:\/\/amazingproperty.com.ng\/blog\/housing-shortages-are-curbing-sales\/","url_meta":{"origin":5078,"position":4},"title":"Housing Shortages Are Curbing Sales","author":"Amazing Property","date":"April 27, 2017","format":false,"excerpt":"Pending home sales took a slight dip last month due to a dearth of homes for sale, the National Association of REALTORS\u00ae reported Thursday. The South was the only major region of the U.S. to see an increase in contract signings last month. Read more: Are Your Buyers Getting Frustrated\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8265,"url":"https:\/\/amazingproperty.com.ng\/blog\/more-markets-hitting-record-high-home-prices\/","url_meta":{"origin":5078,"position":5},"title":"More Markets Hitting Record-High Home Prices","author":"Amazing Property","date":"February 13, 2018","format":false,"excerpt":"It\u2019s a good time to be a homeowner: Nearly two-thirds of housing markets across the country saw home prices at all-time highs in the fourth quarter of 2017, the National Association of REALTORS\u00ae reported Tuesday. By Region Here\u2019s a closer look at how existing-home sales fared in the fourth quarter\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Fb Regional Ehs 4qu Feb17.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/fb_regional_ehs_4QU-feb17.png?fit=620%2C286&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/fb_regional_ehs_4QU-feb17.png?fit=620%2C286&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/fb_regional_ehs_4QU-feb17.png?fit=620%2C286&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/5078","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=5078"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/5078\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/5079"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=5078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=5078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=5078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}