Outside the Box: Only 10% of new homes now sell for less than $300,000. Two years ago, a third did. It’s not just because of the pandemic.

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Homeownership became out of reach for millions of Americans following the recent boom in home prices. Lower-income families have been hit especially hard, with the share of new homes selling for under $300,000 plummeting to 10% from 35% in just two years.

A number of factors, including more than a decade of limited homebuilding, a sudden and sharp rise in demand related to demographics, seriously low mortgage interest rates, and lifestyle changes, and surging homebuilding costs caused by pandemic disruptions are all partly…

This article was originally published by Marketwatch.com. Read the original article here.

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