New-Home Prices Fall to Lowest Level in 3 Years as Builders Appeal To Buyers Amid High Mortgage Rates Keith Griffith

The price of newly built homes plunged last month as homebuilders sought ways to attract buyers who are feeling the pinch of higher mortgage rates. The median sales price of a newly constructed home dropped 7.6% year over year, to $400,500 in February, according to a report on Monday from the U.S. Census Bureau and the U.S. Department of Housing. This was the lowest median price since June 2021. The number of sales of new homes also dipped slightly in February to a seasonally adjusted annual rate of 662,000. This was down 0.3% from January, but up 5.9% from the same month last year.



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