One of the many mysteries surrounding today’s housing market in the United States is why existing homes are now more expensive than new ones. Traditionally, it’s the other way around.

A look at the June housing numbers showed that the medium sale price for an existing home was $441,500, while new ones sold for $401,800, according to Forbes. Do that math and that means brand-new homes were 9% cheaper, than old, or “existing” ones—a new record.

According to U.S. Census Bureau data, the medium price for a new home sold in July 2025 was 0.8% below June 2025 prices, and 5.9 percent from July 2024. So, not only are new builds less expensive, they are now selling at a sharp discount.

That’s especially true in some of the weakest markets, where new construction prices are falling the fastest. (

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