By Clare Trapasso | realtor.com
The savings accounts of home buyers are finally getting some much-needed relief: The prices of brand-spanking-new homes continued to drop last month.
The median sticker price for newly constructed homes was $278,800 in January, down 4.5% from a year earlier and 5.7% from December, according to a recent report from the U.S. Department of Commerce.
This was a result of builders offering more affordable entry-level homes, according to Jonathan Smoke, realtor.com®’s chief economist. “To see growth in the new home market, we will have to see more offerings [like these] that appeal to the first-time buyer,” Smoke said in a statement.
