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Sources of New Home Sales Financing

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VA-backed loans were responsible for 7.4 percent of new home sales during the second quarter of 2013.

These sources of financing serve distinct market segments, which is revealed in part by the median new home price allocable to each. For the second quarter, the median new home price due to FHA financing was $197,900. This is relatively unchanged from the average over the last two years of $199,700.

The median price for VA-backed loans was $273,300, higher than the two-year average of $234,100. Conventional mortgage financing had a median of $285,900, higher than the two-year average of $263,700.

Finally, the median price for cash purchases of new home sales rose substantially in the second quarter to $318,000. The two-year average is about $255,000. The rise in the price of the typical cash purchase reflects market mix issues, similar to force that have pushed up the size of a typical newly built single-family home: higher wealth buyers are in the market in greater concentration relative to other buyers, particularly younger, first-time buyers.

View this original post on the NAHB blog, Eye On Housing.

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