We're seeing an interesting shift in the market: across the nation, the median price for newly built homes has dropped to $205 per square foot, now coming in below the $212 per square foot for existing homes. This reversal—where new construction often used to be the pricier option—has appeared in about a third of major US markets. Builders have responded to increased competition by reducing prices and offering incentives, particularly in areas with more available inventory. For those considering a move, this means new homes could be a stronger value than expected, especially in neighborhoods with ample choices and more room to negotiate. As someone who stays close to the pulse of our market, I see this as a reminder that boosting the supply of homes is key to improving affordability. However, it's important to watch for changes in permitting, which could slow down some of this progress.
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