VARbuzz: Less-expensive homes becoming the new norm?
Here, have some facts about new homes (courtesy of John Burns Real Estate Consulting):
Since the market peak in 2007, sales of new $500K+ houses have dropped by more than half. (They are now about 6% of the new-home market.)
At the same time, sales of new homes under $200K have risen — from a third of all new homes to about 42%.
And sales of homes under $300K “now account for roughly 75% of all new single-family transactions.”
Our surveys and our consulting work show that today’s buyer is frequently very focused on affordability, and this broad macro theme will continue to play itself out in the new home space during 2012.