Results 1 to 3 of 3

Thread: New home prices plunge

  1. #1
    Super Moderator Super Moderator Big Booger's Avatar
    Join Date
    Apr 2002
    Location
    JAPAN
    Posts
    10,660

    New home prices plunge

    Sales of new homes posted a surprising increase in September, although that may have been fueled by deep price cuts by builders struggling under a glut of unsold homes.


    New homes sold at an annual pace of 1.08 million last month, the Census Bureau reported, up 5.3 percent from August. Economists surveyed by Briefing.com had forecast a reading of 1.05 million.

    But the median price of a new home tumbled 9.7 percent from a year earlier to $217,100. And that measure of prices doesn't capture all the incentives such as free closing costs that builders have been offering to boost sales.

    The number of completed new homes available for sale at the end of the period rose to a record 157,000.

    A report Wednesday from the National Association of Realtors showed the sharpest year-over-year drop on record for median home prices. But a separate Census Bureau report earlier this month showed home builders having an unexpected increase in housing starts, and a survey of members by the National Association of Home Builders showed a small improvement in confidence, the first increase in that measure in a year, although those with a negative view of the new home market still outnumbered those with a positive view by a four-to-one margin.
    The Rest of the Report

    Give it another year or two and you'll be able to scoop up a real deal compared to what you'll pay today.

  2. #2
    Friendly Neighborhood Super Moderator phishhead's Avatar
    Join Date
    Apr 2002
    Location
    San Diego, Ca.
    Posts
    3,622
    $217000 for a house. Here in San diego that wouldnt even get you a 1 bedroom condo in the slums. the median here is 597000 for 3bd house. condos go from 250-450....and that my friends is why I'm renting.



  3. #3
    Super Moderator Super Moderator Big Booger's Avatar
    Join Date
    Apr 2002
    Location
    JAPAN
    Posts
    10,660
    Quote Originally Posted by phishhead View Post
    $217000 for a house. Here in San diego that wouldnt even get you a 1 bedroom condo in the slums. the median here is 597000 for 3bd house. condos go from 250-450....and that my friends is why I'm renting.
    Give it two years. Then you'll see those housing prices fall. If the demand is low and supply is high, the price should fall.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •