Home prices across the United States have been increasing at a slower pace this whole year. Considering the decelerating rate of price appreciation, the National Association of Home Builders (NAHB) conducted a study to find how much a newly-built, single-family home would cost in various regions of the country.
To arrive at the numbers, the NAHB analyzed data from the 2013 Census Bureau Survey of Construction.
The association found that newly-built, single-family homes were the most expensive in New England with median prices reaching as high as $400,000. The least expensive homes were built in East South Central and West South Central divisions with median prices of $221,000 and $223,000, respectively.
Region-wise, the middle Atlantic reflected the highest prices with costs reaching up to $131 per square feet, which is about 52 percent more than the national average. Check out this map by MarketWatch below that shows the median price per square feet across the United States.
The NAHB study also found that the size of homes didn't matter when it came to pricing. Incidentally, the most expensive homes in New England were also some of the smallest in size. The analysis also revealed that the type and design of new single-family homes varied across regions.
"This recent analysis really illustrates the many different types of homes built throughout the country. It is fascinating to see how newly built homes can vary significantly not only in design features and building materials, but also in terms of lot size, home prices and financing methods used, simply based on where a home is built," NAHB Chairman Kevin Kelly said in a statement.
Experts at Redfin - the property firm - said that the trend of falling home prices would continue into the next year. They expect home prices to keep softening as more all-cash investors shun away from the market. Also, the current mindset of buyers and sellers reflect a fall in asking prices.
Meanwhile, a report by the Bureau of Labor Statistics showed that Washington D.C. was the most expensive city to live in when it came to spending. Apparently, people living in the city paid more for housing than the national average.
But the report has been contradicted by several outlets, which claim that D.C. has the highest median income and therefore, spending would be high in the city.
