Prices of New Homes Refuse to Go Down

Despite a slow market, the prices of newly built homes have not come down and the average transaction cost for a new home is $220,000.  This comes as a result of more expensive construction materials and workers’ wages remaining the same.  However, the prices of existing homes have been forced to come down as a result of supply and demand: sellers must adjust their price based on how many potential buyers exist in their area.  For homebuyers, this means that the price of an existing home will be much more reasonable than a newly built home.

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