About 693,000 new single-family houses were sold in March, up 8.3% from a year ago."There's more opportunity in new construction," said Nicole Bachaud, a senior economist at Zillow Group.to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. The median sales price was $430,700, the agencies found.
Meanwhile, buyers are turning to builders, who are typically more flexible when it comes to pricing. Homebuilders offer buyers incentives like rate buy-downs, price cuts and can even pay for closing costs, experts say. "This has been helping incentivize some potential buyers to turn to the new home sales market," said Matthew Walsh, assistant director and economist at Moody's Analytics.While new builds are still sold for slightly more than existing homes, the price gap has significantly narrowed since the fall.Over the last six months, the median price for a new home is only about 4% higher than the median price of an existing house.
"On the existing side, you have such a tight supply for sale," he said. "But on the new homes side, you have builders prioritizing transaction volumes over margins." In the past, price sensitive buyers with tighter budgets were limited to the existing homes market. Nowadays, buyers who remain looking might have more options on the new home sales side.
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