Americans could theoretically save money on their mortgage by buying a new home, according to a new Realtor.com report.

New homes are now priced closer to existing homes than ever, and builders’ incentives are cutting mortgage rates by nearly a full point, according to the report.

Why It Matters

Many Americans have been priced out of the housing market entirely. With a median home price of $439,846 as of October, according to Redfin, the mortgage costs alongside property taxes make homeownership nearly impossible for many.

However, as new homes become more affordable, there could be a shift in the housing market away from older, established properties.

What To Know

The new construction price premium hit a record low for the quarter, according to the Realtor.com report, and new h

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