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Builders cut new home prices as supply stays near 8.5 months
August median new home price fell 5.8% year over year to $393,700, even as new home sales rose from July.
HousingWire reports that U.S. August new home sales rose from July but were down 2.0% year over year, according to U.S. Census Bureau data released Thursday.
The outlet said the median price of a newly built home in August fell 5.8% year over year to $393,700, with builders citing buyer caution alongside a wider use of mortgage rate buydowns.
HousingWire added that supply remained elevated at 8.5 months, and builders continue to adjust prices and incentives and redesign products to reach payment-sensitive buyers.
The report noted that while these efforts appear to support transactions, broader demand recovery has not yet materialized, with pressure particularly acute for first-time and affordability-driven buyers.