Looking back: 2003 compared to 2007 new home median prices

[graphrix_IHB]

<p>I was digging around for some price stats and I found an interesting stat on the new home median price.</p>

<p>August 2003 $565k 2007 $613k +8.5% or 2.1% per year.</p>

<p>July 2003 $549k 2007 $600k +9.3% or 2.3% per year.</p>

<p>June 2003 $526k 2007 $630k +19.8% or 4.95% per year.</p>

<p>The average for those three months in 2003 is $547k and 2007 is $614k +12.3% or 3.1% per year.</p>

<p>Clearly the new home price has been falling month after month and it tends to jump around more than the resale numbers. That is why I threw in the average to smooth things out. With the incentives and blue light specials this month it could get even weaker.</p>

 

[Irvine_Lurker_IHB]

<p>Graphix,</p>

<p>This is interesting data... If StanPac and Hovanian are really serious about dropping prices with their current promotions I, too, expect that the new home median will fall further this month. What region is this data from? The OC? I doubt it's National.</p>

 

[graphrix_IHB]

<p>Sorry I should have been more clear that the data is OC. What I think makes this so interesting is that the average per year is 3.1% which is right around the socal inflation rate.</p>