1130 ET - New homes are offering an affordability edge in the current challenging housing market, according to Realtor.com. In 1Q, the median list price for newly built homes fell slightly year-over-year to $448,393, reducing the price gap with existing homes to its lowest 1Q level in five years. This, combined with builders building smaller homes, and lower mortgage rates for new home buyers, is making newly built homes a more accessible pathway to homeownership. The U.S. is short about four million homes, and new construction is filling the affordability gap left by a tight existing market, Realtor.com says. Builders are delivering smaller homes at lower prices and often offering financial incentives that make monthly payments more manageable. But tariffs could limit this progress and create new cost pressures in the months ahead. (chris.wack@wsj.com)
(END) Dow Jones Newswires
May 08, 2025 11:30 ET (15:30 GMT)
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