One of the biggest challenges for would-be homeowners in recent years has been the lack of diversity of homes. Cities and towns across the country have seen a lack of starter or entry-level homes, making it more difficult for new or first-time homebuyers to enter the market.
But it looks like that’s finally starting to change.
According to a recent article from CNBC, in September, the median price of a new home dropped to $299,440—marking the lowest price for new construction in almost three years. And the reason for this shift isn’t falling home prices; it’s that builders are starting to diversify their offerings and constructing more entry-level homes. “The industry is experiencing a slow inventory mix shift to more affordable entry-level housing,” said Robert Dietz, chief economist at the National Association of Home Builders in the article. “It is still limited in terms of supply, and we need more, but the shift has been occurring over the last three-plus years.”
What does that mean for you? If you’ve been searching for an entry-level home with little luck, the wave of new construction could make your home search a lot easier—and more affordable.