09/30/2020
New Home Sales, which measures signed contracts on new homes, were up 4.8% in August, which was much stronger than the small decline expected. Sales are now on a pace above 1M for the year and are now up 43% year over year. The median new home price decreased 3% year over year to $312,800…but this is not home values and does not mean home prices went down. It means that half the homes sold above and below that figure, meaning that more lower priced homes sold, which makes sense. Builders have been trying to put up more affordable homes for first time home buyers.