The price of a home in many major markets (along with spiking rent increases) is making it impossible for potential homebuyers to make a purchase.
Several corporations are allowing employees to telecommute from other cities where the opportunity to buy a home is more significant and where they may or may not have field offices.
In markets like Los Angeles, the average price of a new home is approximately 1 million for a basic three-bedroom house, making homebuyers look at other markets where they can get more for their money. Also factored in are high-interest rates.
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential sales statistics for June 2022: The median sales price of new homes nationwide plunged to $402,400.
New Home Sales
Sales of new single‐family houses in June 2022 were at a seasonally adjusted annual rate of 590,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 8.1 percent (±15.0 percent)* below the revised May rate of 642,000 and is 17.4 percent (±11.6 percent) below the June 2021 estimate of 714,000. The census reported today
The median sales price of new houses sold in June 2022 was $402,400. The average sales price was $456,800.
Top Markets Homebuyers are Leaving
- San Francisco
- Los Angeles
- New York
- Washington D.C.