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Affordability Evaporates as New Construction Trends Towards Affluence

by Peter Thomas Ricci

new-construction-affluence-400-000-expensive-affordability-inequality

We reported last week that in 2014, the median sales price for a newly built single-family home set a new record, closing out the year at $283,600.

That’s not only 5.5 percent above 2013, but also a whopping 28.3 percent above where median sales price was just 10 years ago; in fact, it’s even 14.4 percent above where prices were in 2007, when the housing boom was at its peak.

Such a stat got us wondering – just how much has new construction shifted towards a more affluent consumer? See our graph below to find out:

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