New Home Sales Plummet by 8%, Buyers Exiting High Priced Markets for Better Deals

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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

Sales Price

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.
  • Seattle
  • Boston
  • Detroit


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