Brand New home prices dropped in July and home buyers rushed to snatch them up! According to the U.S. Department of Commerce’s monthly residential construction report, sales were up 7.5% from June to July, that’s the most sales since October 2007. Also, builders are offering up lower priced homes which reflects the monthly median price of a new home dropping 5.1% in July. Coupled with current mortgage rates being so low, it makes home buying more affordable for first time buyers.
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