Median list prices for newly built homes remained stable at $450,797 nationally. In cities like Little Rock, Arkansas, prices declined significantly, with a 15.6% drop. Falling prices were prevalent mainly in the South and West, while some Midwest and Northeast cities also experienced declines. Conversely, new-home prices increased in areas with limited supply and high demand, such as Syracuse, St. Louis, and Los Angeles. The price premium for new homes compared to existing homes has reached an all-time low, impacting market dynamics.
Prices for newly built homes fell in nearly a third of major U.S. cities over the past year, as builders ramped up concessions and focused on smaller floorplans in the face of weak demand.
Nationally, median list prices for new homes registered $450,797 in the second quarter, little changed from a year ago.
All told, list prices for new homes are falling annually in 29 out of the top 100 metro areas by population.
The report also found that the price premium for new-construction homes over existing homes has fallen to an all-time low.
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