Median Sales Price of New Homes Slips

The median sales price of new single-family houses sold fell slightly in 2018 to $326,400. This is below the 2017 record high of $331,000, after adjusting for inflation. Until 2018, the median sales price of new single-family houses sold had increased in every year since 2011.

Median sales price of new single-family homes sold, 2005 to 2018 (in 2018 dollars)
2018: $326,400
2017: $331,000 (record high)
2016: $322,000
2015: $311,700
2011: $253,600 (post Great Recession low)
2010: $255,400
2005: $309,700 (pre Great Recession high)

Perhaps there's a reason new home prices fell a bit in 2018. The falling price may be due to a lack of customers. Sales of new single-family houses are struggling to return to their historical average prior to the Great Recession. Between 1978 and 1999, an average of 652,000 new single-family houses were sold each year. In 2018, only 617,000 were sold—well below the average despite a bigger population and the presence of the large Millennial generation in the home buying age groups.

Source: Census Bureau, Characteristics of New Housing