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PPTY - Despite Ultra-Low Mortgage Rates New House Prices Drop To Multi-Year Low
PPTY U.S. Diversified Real Estate
The last time prices fell like this was during the Financial Crisis. But now, there is no crisis.
The median price of new single-family houses in September fell 8.8% from a year ago to $299,400 - down 12.8% from the peak in November and December 2017 and back where the median price had first been in November 2014, according to the Commerce Department on Thursday morning:
"Median price" means half of the houses sold for more, and half sold for less. The decline in the median price does not include incentives that are thrown in