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Homes involved in real estate transactions dropping in price

According to government officials, the number of new houses sold so far in 2018 in the United States, including in New York, is relatively low. Around 593,000 newly built homes were sold this past January. The number of completed real estate transactions is down almost 8 percent from Dec. 2017.

An economist noted that the majority of this decline in home sales is at the housing market's upper end. In other words, the decline has mostly taken place among homes valued at more than $500,000. In light of this, builders may shift to producing homes with more moderate prices.

The median price of a new house has fallen a bit this year, dropping to $323,000 -- a drop of more than 4 percent from last December. Still, it is nearly 2.5 percent higher compared with one year ago. For the best bargains, aspiring homebuyers are encouraged to look for their new homes among existing homes. The median price of an existing home was more than 34 percent lower in January, at around $240,500. Part of the reason for this significant price difference between new homes and existing homes is that material and land costs for brand-new homes are rising.

The fact that home prices have fallen is good news for buyers, as they may have the opportunity to claim their dream homes at lower prices. However, purchasing a home can be complicated, even for those who have been through the process before. After all, all real estate transactions are different based on the unique circumstances surrounding them. An experienced attorney in New York can offer the guidance required to navigate a deal successfully and thus ultimately achieve one's real estate goals.

Source: realtor.com, "As New-Home Sales Decline, Their Price Dips as Well", Clare Trapasso, Feb. 26, 2018

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