Skip to main content

Average Q3 Price of Newly-Built Home is $374K

Phil Hall
Oct 27, 2017
Builder confidence in the market for newly-built single-family homes started the year on a gloomy note by dropping two points to a level of 72 in January on the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI)

The average price of a newly constructed single-family home that sold during the third quarter was $374,000, according to new data from Redfin, which also found newly-built homes sold at an average premium of $87,000 in the third quarter compared to existing homes.
However, Redfin found new home prices were up 3.3 percent year-over-year compared to existing home prices, which grew by 7.9 percent last month. Still, there are far fewer newly-built homes: one in eight homes for sale in September were new construction, compared to one in 13 five years ago.
Nashville had the highest portion of new home sales over the last three months, with 24 percent of all homes sold being new construction. Buffalo, N.Y., had the lowest share, at 0.8 percent. According to the U.S. Census, the national average cost to a builder constructing a new home was $240,000 for single-family units in August, the highest cost since the Census Bureau began reporting this data in 1988.
“After almost a decade of underproduction, we are finally seeing a slow, steady increase in single-family housing starts, up nine percent from a year ago,” said Redfin Chief Economist Nela Richardson. “But high building costs are limiting the construction of homes that today’s buyers can afford. This is why even in the midst of extreme inventory shortages for existing homes, new homes are sitting on the market instead of selling.” 

Oct 27, 2017
FHFA Requires 30-Day Notice Prior To Eviction

Wednesday, the Federal Housing Finance Agency (FHFA) announced that tenants of multi-family properties must be given 30 days notice to vacate before the tenant is required to leave the premise.

Industry News
Jul 29, 2021
Houston-Based Stewart Acquires Title First Agency

Ohio-Based Agency Has 20 Offices And Operates in 32 States

Industry News
Jul 28, 2021
Planet Home Lending Reports Total Origination Volume Of $6.8B In Q2 2021

Planet Home Lending's total origination volume reached $6.8 billion in Q2 2021, up 77% from $3.9 billion in Q2 2020.

Industry News
Jul 22, 2021
FHFA Ends Controversial Refinance Fee

The FHFA announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries, starting August 1, 2021.

Analysis and Data
Jul 19, 2021
Interfirst Mortgage Launches ONE, Backed By Non-Owner Occupied Properties

ONE is a unique product built on a single interest rate with no adjustments and qualifies off the cash flow of the rental property.

Industry News
Jul 16, 2021
Global Digital Lending Market Projected To Reach $27B By 2028

The Global Digital Lending Platform Market was valued at $7.14 billion in 2020 and is projected to reach $27.07 billion by 2028.

Analysis and Data
Jul 14, 2021