Newly-built homes have increased in price nearly a third since 2004, according to data from the U.S. Census Bureau.
In the ten-year period, the median price of a new home rose from $212,700 to $277,200. That increase, of about 30 percent, beats out both the rate of inflation and wage growth.
What's behind it? Many sources are positing that new homes are becoming the province of the weatlhier set of purchasers and that the overall square footage of new homes has been increasing in the last ten years, skewing the data upwards and encouraging builders to cater to that wealthier clientele.
You can read a full report with an interesting graph at Chicago Agent Magazine here.
Graph via Chicago Agent Magazine.