Q3 New Home Sales Prices Down – NMP Skip to main content

Q3 New Home Sales Prices Down

Phil Hall
Nov 15, 2019
New home sale prices during the third quarter fell 1.5 percent from one year ago to a median of $370,300

New home sale prices during the third quarter fell 1.5 percent from one year ago to a median of $370,300, according to new data from Redfin. This marked the most acute decline since at least 2012 and the third consecutive quarter of declines.
 
But while prices were down, sales were up. New home sales rose 5.6 percent, marking the second consecutive quarter of increases. This occurred while the new-home supply decreased 7.9 percent year-over-year, the biggest inventory drop since at least 2012 and the second straight quarter of declines.
 
As for existing homes, prices rose 4.2 percent year-over-year while sales increased 2.1 percent and inventory fell 6.9 percent.
 
"Buyers are returning to the new home market thanks to low mortgage rates and relatively low prices," said Redfin Chief Economist Daryl Fairweather. "And builders, also taking advantage of low interest rates to fund projects, are paying attention to preferences for affordability, which has led to more sales. Residential construction was a bright spot in the economy in the third quarter, a sign that builders are working to fill an inventory gap. As we head into the new year, I expect more new-home listings to hit the market, which should help sustain the relatively high level of sales."

 
Published
Nov 15, 2019
Better, Palantir Team To Launch Tinman Marketplace

Company says loan platform will revolutionize origination and mortgage portfolio management.

Tech
Aug 18, 2022
Blend Labs Has Cut 420 Jobs Since April

The 25% reduction of its workforce comes as it posts $478 million Q2 loss.

Industry News
Aug 17, 2022
UWM Now Offering Temporary Rate Buydowns

The temporary buydowns will lower borrowers’ interest rates by up to 2% for the first two years of a mortgage. 

Industry News
Aug 17, 2022
Rocket Mortgage Teams With Santander Bank

Rocket's mortgage services now available to Santander's U.S. banking clients

Industry News
Aug 16, 2022
Ameris Bank Commits $10M To Help 1st-Time Homebuyers

The Ameris Down Payment Grant Program will help eligible first-time buyers with down payments and closing costs.

Industry News
Aug 16, 2022
Competition Now Highest For Lowest-Priced Homes

In reverse of pandemic trend, competition for mid- and high-priced homes not as white hot among buyers.

Analysis and Data
Aug 16, 2022