By Robbie Whelan | The Wall Street Journal
Home buyers are paying more for newly built homes than they ever have, as U.S. home builders continue pushing up prices and limiting the number of properties hitting the market.
The Commerce Department reported Thursday that the median price of a new home hit $271,600 in April, while the average new-home price reached $330,800, both record highs.
The price gain for new homes comes amid a spring selling season—typically the most crucial time of year for builders, as families rush to buy new homes before the next school year—that has plodded along at a steady pace. Thursday’s new-home sales report showed that builders were on pace in April to sell 454,000 homes this year, up 2.3% from March and up 29% compared to the same month last year.
If you’d like to discuss real estate matters, contact Rose Law Group founder Jordan Rose, jrose@roselawgroup.com
