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New homes look like a deal, at least compared with existing ones

from Bloomberg

The average new home in the U.S. went for $324,467 in June — 28 percent more than the $254,200 price for existing homes, according to data from John Burns Real Estate Consulting LLC. That's down from a 37 percent gap in 2015 and is the smallest difference since the end of 2010. The main reason is that existing-home prices are rising faster. Homebuyers are in an affordability crunch as they compete for a dwindling supply of listings. And while builders have been slow to boost production, citing higher costs for land, labor and materials, they've started marketing smaller houses with fewer frills, farther from job centers, to budget-conscious first-time buyers. more

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