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Americans are paying more for previously owned homes than brand new ones

homebuyers open house

Summary List Placement

For the first time since 2005, previously owned homes are fetching higher sale prices than newly built houses.

The housing market remains red hot even as soaring prices and supply shortages cut into homebuying activity. Low borrowing costs sparked a buying spree earlier in the pandemic and demand has remained historically strong since. Contractors are rushing to shore up inventory but, for the time being, there simply aren’t enough homes to meet the wave of potential buyers.

The imbalance is so extraordinary that Americans looking for new homes are willing to pay top dollar for details ⇒

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