🏠New Home Inventory Hits 15-Year High— What It Means for Buyers in 2025
As of March 2025, the number of completed but unsold new single-family homes in the U.S. has reached 119,000—the highest level since July 2009. That’s a sharp reminder of how much the new construction market has shifted since the peak of the pandemic housing boom.
So, what’s behind the slowdown?
Even big names like D.R. Horton and Lennar are feeling the squeeze. Their leadership teams recently told investors that the typical spring selling surge has been slower to show up this year. Affordability concerns, cautious buyers, and declining consumer confidence are all playing a role.
To keep deals moving, builders are offering aggressive incentives. Lennar, for example, spent the equivalent of 13% of its home sales last quarter on perks like mortgage rate buydowns, price reductions, and closing cost assistance. On a $400,000 home, that’s $52,000 in incentives—a major win for buyers who know how to negotiate.
đź“Š The Numbers Tell a Story
Here’s how the number of unsold completed new single-family homes has changed over time:
March 2018: 62,000
March 2020: 76,000
March 2022: 32,000
March 2024: 89,000
March 2025: 119,000
To put this in perspective, a new index—ResiClub’s Finished Homes Supply Index—measures completed unsold homes as a share of the annualized rate of housing starts. While there’s more slack in the market today, we’re still in better shape than during the 2008 housing crisis. The current conditions are more similar to 2019 levels, just before the pandemic boom.
đź“Ť Where Are the Deals?
We’re seeing the most inventory pressure in Sun Belt markets, especially in parts of Florida and Texas. These areas now have more active listings than they did in 2019, creating real opportunities for buyers to negotiate.
🔑 What This Means for You
If you’re in the market for a new construction home, now might be the perfect time to explore your options. With builders offering strong incentives and more unsold inventory available, buyers have more leverage than they’ve had in years.
Want to talk strategy or run numbers on a new build? Let’s connect and see what kind of deal you could secure.
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