Yes, more homes are available now vs. earlier this year, but inventory for existing homes remains critically low, and prices aren’t dropping. For many buyers, that raises the question: Is it time to consider new construction?
Here’s the situation:
Prices are nearly even. In April, the median price of a new home was just $7,000 less than an existing home—a big shift from the usual 10–20% premium new homes typically carry.
Builders have more inventory. New construction offers 8 months of supply vs. just 4.4 months for existing homes, meaning more options and less competition in that segment of the market.
There are trade-offs. The median size of new homes has dropped 12% since 2015. If space is a top priority, an existing home may be a better fit.
Existing homes often offer larger lots, mature landscaping, and established neighborhoods—but they’re in short supply and sell quickly.As an Accredited Buyer’s Representative, I can help you weigh the pros and cons of both based on your budget, timeline, and goals—and help you decide what’s best for you.
Let’s talk through what’s available and what’s possible in our local market.
Article Link: investopedia.com