Both median and average new home sale prices set new all-time records in May 2021. The initial estimates of median new home sale prices reached $374,400, while average new home prices reached $430,600. The first chart below shows the trend for both these data series during the 21st century to date:
Bill McBride describes the exceptional year-over-year change in these prices:
The average price in May 2021 was $430,600, up 17% year-over-year. The median price was $374,400, up 18% year-over-year.
In terms of relative affordability however, we do have some good news to report. Although new home prices continued to rise, May 2021 saw median household income in the U.S. rise outside the very narrow range in which it fell in the preceding year from April 2020 thorugh April 2021.
Although the rising prices of new homes means their relative affordability continued to fall in May 2021, the increase in median household income means the rate at which new homes are becoming less affordable began to slow.
We'll officially release our estimate of median household income for May 2021 on 1 July 2021.
References
U.S. Census Bureau. Median and Average Sales Prices of New Homes Sold in the United States. [Excel Spreadsheet]. Accessed 24 June 2021.
Labels: real estate
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