PRICING POWER
05/21/2025 |
In 2024, 40% of homebuilder sales were to first-time buyers, 15 percentage points above the 2017-2019 average. Conversely, the comparable percentage for existing home sales was 24%, down from the 2017-2019 33.3% average. Why? The median price of a new home is now 1% less than an existing house, normally they’re 17% more, and between 4/1-4/15 after buydowns/sweeteners, builders offered 8% off the purchase price. New homes are great value.