New-Home Sales Rise as Builders Cut Prices

Before you go, we thought you'd like these...
Before you go close icon
New homes are selling again, and buyers are happy. But builders apparently are paying the price: The Commerce Department recently reported that the average new home price dropped to $242,900 in June. That's the lowest it's been since 2003, and the worst year-over-year drop since April 2009. Still, some analysts think the rise in new-home sales indicates that the housing market is emerging from the dip it experienced after the expiration of the homebuyer tax credit in April. The fact that buyers are scooping up new homes when there are plenty of existing homes available means that people are finally responding to favorable purchasing conditions. Get 'em while they're hot.

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

Find a New Home

Powered by Zillow

From Our Partners