As expected, coming soon listings was the only metric which fell this past week following the weeks surrounding the July 4th holiday.
Showing data still hasn’t caught up following the holiday, with stats only through July 3, 2025.
Year-over-year activity is following a similar trajectory to last year, a little more robust.
Are you ready to buy, just waiting for better prices and interest rates? Include new construction in your considerations… the National Association of Homebuilders said almost 40% of builders cut prices last month, and you may be able to get better mortgage rates on a new home than a pre-existing one… it’s worth a look. Read more about it in the post below from our blog at Keeping Current Matters.
Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com
Why a Newly Built Home Might Be the Move Right Now
Are you looking for better home prices, or even a lower mortgage rate? You might find both in one place: a newly built home. While many buyers are overlooking new construction, it could be your best opportunity in today’s market. Here’s why.
There are more brand-new homes available right now than there were even just a few months ago. According to the most recent data from the Census and the National Association of Realtors (NAR), roughly 1 in 5 homes for sale right now is new construction. So, if you’re not looking at newly built homes, you’re missing out on a big portion of what’s available.
And with more new homes on the market, builders are motivated to sell their current inventory. As a result, many are taking steps to draw in buyers.
Builders Are Cutting Prices
According to Buddy Hughes, Chairman of the National Association of Home Builders (NAHB):
“Almost 40% of home builders reduced sales prices in the last month . . .”
That means builders are being realistic about today’s market and adjusting to what buyers can afford. It’s their way to keep their inventory moving.
So, builders may be more willing to negotiate price than you’d expect – and that means your dollar may go further if you buy a newly built home. Lean on your agent to see what’s available and what incentives builders are offering in and around your area.
Builders Are Offering Lower Mortgage Rates
Here’s something most people don’t know. Right now, buyers of brand-new homes often get better mortgage rates than buyers of existing homes.
That’s because many builders are also offering rate buydowns to make their homes more attractive and keep sales moving. Basically, they’re willing to chip in to lower your rate, so you’re more likely to buy one of their homes.
Data from Realtor.com shows, in 2023 and 2024, buyers of newly built homes got a mortgage rate around half a percent lower compared to those who bought existing homes (see graph below):
That kind of savings adds up and makes a big difference when you’re figuring out your monthly budget.
So, if you haven’t found something you love yet, it’s time to add newly built homes to your search. You may find that what you’ve been looking for is already out there, it’s just in a new home community.
Bottom Line
More choices, the potential to negotiate on the price, and maybe even better mortgage rates make these options a bright spot in today’s housing market.
If you haven’t considered a newly built home yet, what’s holding you back?
Let’s talk about it and see if it’s worth checking out new builds in and around our area.
