The number of brand-new homes in the U.S. rose to 795,000 in 2017, up 7.7% from 2016, according to the U.S. Census Bureau report on the 2017 Characteristics of New Housing. The median square footage of new homes rose to 2,426 in 2017, up from 2,422 in 2016.
The median price of a newly-built home was $312,400 in April 2018, or 21.1% higher than the median price of an existing home at $257,900. Realtor.com’s Clare Trapasso attributes this to “high land, construction labor, and materials costs.”
Many of the nation’s newest homes have three or more beds – 45% had three beds, while 46% had four beds. About 37% of new homes have three or more bathrooms, while 29% have 2.5 bathrooms and 31% have two bathrooms. About 65% of new homes have two-car garages, and about a quarter have full or partial basements. Over half are located in homeowners’ associations in the suburbs and beyond.
“It’s good that there’s more construction, but there’s still plenty of room for more building," says Chief Economist Danielle Hale of realtor.com. "Builders are obviously catering more toward wealthier buyers. But we know that there’s plenty of housing demand on the more affordable end.”
Read More
