April 4th, 2017 6:01 PM by Nour Ailan
Here’s the good news: Sales of newly constructed homes rose in the beginning of the year. The bad news? It wasn’t enough to ease the housing shortage that is frustrating would-be home buyers across the nation.
Buyers purchased about 3.7% more new homes in January than in December, according to a joint report by the U.S. Census Bureau and U.S. Department of Housing and Urban Development. The January purchases were also 5.5% above where they had been a year earlier. (Realtor.com® looked only at the seasonally adjusted numbers, which have been smoothed out over 12 months to account for seasonal fluctuations.)
Sounds good, right? Well, not exactly.
“New-home sales should be growing much more than they are,” says Chief Economist Jonathan Smoke of realtor.com. “We should be seeing twice the volume of new-home sales, and we’re not.”
The reason is that there aren’t enough buyers who can afford the median $312,900 price tag of one of those new homes, often decked out with the latest appliances and finishes. They are nearly 37% more expensive than the median $228,900 price for an existing home in January, according to the most recent National Association of Realtors® data.
Prices on those new homes dipped 1% from December—but were nearly 7.5% higher than in January 2016.
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