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The median cost of a new home will rise in 1987.

January 20, 1987

As a result of more affluent home buyers demanding luxuries like hot tubs and microwave ovens, the median cost of a new home is expected to increase by 5% in 1987, according to a survey released by the National Assn. of Home Builders, up from the U.S. median price of $95,000 last year. Price increases of 10% were expected in some fast-growing housing markets in Northeastern states because of higher land costs, a spokesman said. The survey also showed that builders expect a continued decline in demand among first-time home buyers.

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