by Mish Shedlock, Mish Talk:

To entice buyers, home builders are building cheaper and cheaper houses. What are you getting for your money?

New Home Sales Key Points

• The average sales price peaked at $568,700 in December of 2022.
• The median sales price peaked at $498,800 in October of 2022.
• The average sales price in February of 2024 is $485,000. That’s a decline of 14.7 percent, $83,700 from the peak.
• The median sales price in February of 2024 is $400,500. That’s a decline of 19.4 percent, $96,300 from the peak.