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Post by jeffolie on Jul 7, 2007 18:22:33 GMT -6
Commerce Department reported last month that the median sales price of new homes fell 0.9 percent in May from a year ago, after tumbling 10.9 percent in April. But those numbers don't include the thousands of dollars in lavish incentives like plasma televisions, pool installation and closing costs that sellers are increasingly using to woo buyers. That means a home selling for $600,000 gets reported for that price even though all those extras technically are reducing the net sale price. Sales incentives at Lennar Corp., one of the nation's biggest builders, averaged $43,700 a home in its fiscal second quarter, up from $24,700 in the same quarter last year. And it isn't just builders piling on the incentives -- it's spilling over to the existing-home and foreclosure market, too. www.stltoday.com/stltoday/business/stories.nsf/yourmoney/story/38B601A18931096886257310007F858A?OpenDocument
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Post by unlawflcombatnt on Jul 7, 2007 19:54:19 GMT -6
Though the median price for New Homes is down about -0.9% from May to May, the median home price for May 2007 of $236,100 is down -10% from the $246,500 median for 2006, according to the U.S. Census Bureau.
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