JRE - New Home Prices Fall Still Unaffordable For Most American Households
2024-04-10 05:20:00 ET
Summary
- In February 2024, the median new home price sold in the United States fell to $400,500.
- Even at the lowest price recorded for the median new home sold since June 2021, it still remains out of reach for the typical American household.
- The mortgage payment for a median new home sold has consistently exceeded the 28% basic affordability threshold since February 2021 and the higher 36% affordability threshold since March 2022.
In February 2024, the median new home price sold in the United States fell to $400,500. While this initial estimate will go through three sets of revisions before being finalized, it, so far, represents the lowest median price recorded for a new home since June 2021. The typical new home sold in the United States between then and now has exceeded that threshold....
New Home Prices Fall, Still Unaffordable For Most American Households