Has the market peaked? Builders cut new home prices to meet demand for cheaper housing
In the second quarter of 2019, the sale prices for new homes fell 0.5% from 2018 levels. This means prices for new homes reached a median of $372,900 in Q2, remaining largely unchanged from the first half of this year, according to data from Redfin. Although, sale prices for new homes remained stagnant, Redfin indicates that the median sale price for existing homes climbed 3.2% in Q2 to $309,700. This marks the seventh consecutive year of annual price increases.