trending Market Intelligence /marketintelligence/en/news-insights/trending/LG2gJILdqpJ9oTbfabejgQ2 content esgSubNav
In This List

New home sale prices drop slightly in Q1 amid shift in homebuilding trend

Podcast

Street Talk | Episode 94: Recessionary fears in ’22 overblown, Fed could overtighten

Blog

Insight Weekly: Ukraine war impact on mining; US bank growth slowdown; cloud computing headwinds

CASE STUDY

Deep Market Intelligence Helps a Credit Union Craft a Successful Expansion Plan

Blog

Global M&A By the Numbers: Q1 2022


New home sale prices drop slightly in Q1 amid shift in homebuilding trend

New home sale prices declined for the first time in seven years during the first quarter, dropping 1% year over year to a median of $363,900, driven in part by a trend toward smaller residential lot sizes, fewer upgrades and a shift away from high-end finishes, according to new data from Redfin.

Consistent with the recent quarterly periods, sales of newly built homes declined 3.1% year over year in the first quarter. For existing homes, the median sale price was up just 1.5% to $282,900, while sales were down 1.2% during the period.

The supply of new and existing homes grew 4.2% and 4.8%, respectively, in the first quarter.

Among U.S. metros, Chicago saw the biggest decrease in new home sales prices year over year, declining 16.4%. Following closely are Los Angeles and Bridgeport, Conn., decreasing 14.2% and 14%, respectively, year over year.

Some California metro areas, however, saw a surge in new home sale prices during the quarter, with San Jose recording the largest increase at 50.8%, followed by Oakland and Fresno, rising 39.5% and 13.3%, respectively.