- Housing costs have surged more than 50% since the pandemic, but the traditional price gap where new-construction homes cost significantly more than existing homes has narrowed. There are notable price drops and incentives, especially in the South and West, making new homes more affordable. Furthermore, new homes often provide better value per square foot, and builders tend to offer incentives.
No matter the type of home you buy, housing has become more expensive over the years. Just since the pandemic, home prices are up by more than 50%, and mortgage rates continue to hover near 7%.
