Dive summary:
- Despite some concerns about materials and labor, home builders are increasingly being given an open field as the inventory of existing homes – their prime competition – shrinks.
- California, the scene of so many foreclosures in the recession, is a hotbed of new-home building now, as shown by federal numbers that put new-home sales last month 37.5% above the year-before figures.
- In some places, builders have been able to reinstitute a years-old practice of holding lotteries for would-buyers to even bid on new homes.
From the article:
The median sale price of a new home sold in March was $247,000, up 3% from a year ago. The median price of a new home was $247,900 at the tail of the housing boom in 2007. ...
