BURDENED BUILDERS
08/28/2025 |
Traditionally new homes have almost always been more expensive than existing homes. However, in July, the median existing home sold for $422,400 while the median new home sold for $403,800. Inventory of new homes at 9.2 months vastly exceeds existing home inventory at 4.6 months. Thus, 37% of builders reduced asking prices in August, by an average of 5%, and 66% offered sales incentives. Additionally, new homes are physically shrinking.