New Home Prices Hit 12-Month Low

The price for a new home dropped nearly 6.9 percent between March and April of 2018, according to a report by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.

The drop put the median price for a new home at $312,400, only 0.4 percent above April 2017, and less than inflation over the same period, Realtor.com reports. In addition, 5 percent of new home sales were less than $150,000, the largest share that the lower price-point has held since August 2016.

Meanwhile, the number of new homes sold and for sale dipped 1.5% from the previous month to about 662,000, according to the report. They rose, however, 11.6% from the same month a year earlier.

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