According to Mortgage News Daily, the U.S. Department of Housing and Urban Development and the U.S. Census Bureau has reported that sales of new single family houses have dropped again in November 2007 at nine percent below the October rate. Builders' inventories have, therefore, been increasing. Ironically, average prices in November rose to $239,100 from $229,500 in October. Comparing yearly averages, the November 2006 median price was not far off at $240,100.
It seems that builders would rather offer other concessions instead of lowering their price. Usual add ons are appliance upgrades and financing terms.
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2 comments:
Seems so. From what I heard builders throw in all types of extras (like hardwood floors for example) as an incentive, rather than lower the price. At least they keep their subcontractors occupied.
One of the builders here is adding in one free year of a house cleaning service! Come on, that is not going to get me to buy your cookie cutter home in the neighborhood you just created. Give me a cheaper price or a chance at a better interest rate.
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