Old homes in the U.S. now cost just as much as new properties. Here's why.
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Looking for a house? A newly built home might not cost you any more than buying an older one.
Historically, older houses have cost tens of thousands of dollars less than newly constructed properties. But existing homes now cost a median of $416,000, which as of May is the same price as for new homes, Axios reported, citing data from FactSet. A decade ago, a typical new home cost $60,000 more than an existing house.
The shrinking gap in the cost of old and new home stems from the sharp rise in prices for older homes during the pandemic, as well as the recent jump in mortgage rates. Fewer property owners are listing their homes this year because of the "lock-in effect," with homeowners hesitant to give up low mortgage rates that they secured during the pandemic, when rates were 3% or lower, Sami Sparber, a real estate reporter for Axios, told CBS News.
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Washington — President Trump is attending a military parade Saturday evening to celebrate the Army's 250th anniversary festivities as he celebrates his 79th birthday.
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A military parade through the streets of Washington, D.C., is being held to celebrate the U.S. Army's 250th anniversary on Saturday, June 14 — which also happens to be President Trump's 79th birthday. Army officials say about 6,600 soldiers, 150 vehicles and more than 50 aircraft are set to participate.