New Home Prices Dip in US, Largest Decline in 7 Years

According to Redfin, new-home sales prices in the U.S. dropped 1.5 percent year over year to a median of $370,300 in the third quarter. This marks the biggest decline since at least 2012 and the third consecutive quarter of declines. Meanwhile, new-home sales rose 5.6 percent, marking the second consecutive quarter of increases. 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. Existing-home prices rose 4.2 percent year over year, while sales increased 2.1 percent and inventory fell 6.9 percent.