The headline may read, “Existing home prices outpace new homes nationally,” but the flip in recent years tells a different story regionally. Normally, new homes are more expensive than existing homes. However, since the pandemic, the housing market faced an unusual accumulation of headwinds: buyers who bought with prime low mortgage rates are not willing to give them up, supply chain pressures and tighter inventory. Now, new homebuilders are offering solutions such as building on smaller lots and incentives, among other solutions. Yet, this headline is only relevant to specific markets…
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