The market faces a shortage of nearly 4 million homes, making affordable new construction vital for balance. Despite slowdowns in construction starts and permits, builders continue to deliver homes effectively. New homes now average $218.66 per square foot, lower than existing homes at $226.56, and they tend to be larger. Price declines for new homes are evident, particularly in Southern cities. The South has the highest proportion of new housing listings, contrasting the Northeast's constrained inventory, where new homes are priced significantly higher than existing ones.
In the South and West regions, newly built homes are more affordable than existing ones, averaging $218.66 per square foot compared to $226.56.
New construction prices have declined in 30 of the 100 largest U.S. metros, particularly in the South where builder activity remains high.
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