Today’s Chart of the Day comes from John Burns and shows the historical percentages of homes sold by sales price going back to 2010.
As you would expect, over time the cost of new homes is going up. This is evident by the long, slow decline of homes that cost $200K or less: 45% of homes sold in 2010 to 0% in 2022. However, I was surprised by the sharp drop in homes sold in the $200K to $300K range: 35% before the 2020 pandemic to only 11% in 2022.
In five short years, we went from just under half of new homes costing $300K or less to only one out of ten.