Average new home sale prices are continuing to set new record highs. Initial estimates for April 2021 indicate they have reached $435,400, which is up nearly 5% from February 2021's initial estimate of $416,000.
Median new home sale prices in April 2021 nearly reached a new high as well, with an initial estimate of $372,400, falling just $800 short of January 2021's $373,200.
The price escalation of new homes in the United States continues to be unprecedented, which is driven home when we show the relationship for median new home prices with respect to median household income.
Over the past year, since April 2020, the trailing twelve month average of median new home sale prices has risen by nearly $25,000 (7.8%), while median household income has fallen within a $300-wide range between $65,800 and $66,100.
The next chart shows all the available historial data for these figures going back to 1967.
The past year from April 2020 through April 2021 really is unprecedented.
References
U.S. Census Bureau. Median and Average Sales Prices of New Homes Sold in the United States. [Excel Spreadsheet]. Accessed 25 May 2021.
Labels: real estate
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