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Could A Buyer's Market Be On The Horizon? Over Half Of U.S. Home Sellers Are Selling Their Properties For Less Than The Asking Price
Yahoo Finance· 2025-09-15 13:46
Core Insights - The U.S. housing market is showing signs of shifting towards a buyer's advantage, with over half of home listings sold for less than their asking prices in May [1] - A significant year-on-year decline of 15% in closed deals was noted, despite a 10% increase in pending deals, indicating potential market instability influenced by high mortgage rates [2] Market Trends - The median home price in the U.S. is currently $495,000, leading to approximately $3,000 monthly interest payments on a 7% mortgage, with total payments potentially exceeding $5,000 when including principal and insurance [3] - Inventory levels are increasing in many markets, particularly in affordable housing, with Toledo, Ohio, experiencing a 128% increase in available inventory, the highest among metropolitan areas studied [4] Regional Insights - In Toledo, the median home price is $210,000, with only 32% of homes selling above the asking price, indicating a favorable environment for buyers [5] - Naples and Cape Coral, Florida, saw inventory increases of 58% and 55%, respectively, and are identified as having the highest risk of future price declines [5] - The Washington, D.C. metro area also experienced a 58% increase in inventory, but the median home price remains high at $650,000 [5] Buyer Strategies - There is an average $45,000 disparity between median list prices and median closing prices, suggesting buyers may benefit from focusing on newly built homes rather than the second-hand market, as major homebuilders can better absorb price drops [6]
The U.S. Cities Leading the New Home Boom
Prnewswire· 2025-08-20 10:00
Core Insights - The U.S. is experiencing a housing shortage of nearly 4 million homes, making new residential construction essential for restoring affordability and expanding homeownership access [1] - Realtor.com® has identified the top metropolitan areas for new construction based on availability, affordability, sustainability, and demand for newly built homes [2][3] Summary by Sections New Construction Hotspots - The analysis covered the 100 largest U.S. metropolitan areas, focusing on new-home share of listings, price premiums over existing homes, climate risk differences, and buyer demand [2] - The top 10 metros for new construction include Fayetteville, Boise, Nashville, McAllen, and others, where builders are meeting local buyer needs effectively [2][7] Market Dynamics - In Fayetteville, newly built homes constitute over 40% of listings and are priced below existing homes, with a median price of $399,717 compared to $418,375 for existing homes [4] - Boise leads in new construction listings at over 51%, with a median listing price of $540,743, which is lower than existing homes priced at $559,517 [5] - Newly built homes in these metros often feature modern designs and energy efficiency, with lower risks for natural hazards compared to older homes [3] Regional Trends - The report highlights that while the South dominates the list, other regions like the Midwest and Northeast are also represented, indicating a nationwide trend [8] - Many top metros are midsize cities or college towns with low living costs, attracting new residents and investments [8] Policy and Advocacy - The report emphasizes the need for local, state, and federal governments to enact policies that reduce regulatory burdens and promote affordable housing construction [9] - The Realtor.com® "Let America Build" initiative aims to break down barriers to new home construction and has gained support from the U.S. Conference of Mayors [10] Ranking Criteria - The ranking criteria for the top metros include new construction share of listings, price premiums, climate risk scores, and market demand metrics [12][13]