Existing-home median stayed just under $400,000, extending 32 straight months of yearly price gains.
Affordability strain is pushing builders toward new approaches, even as some report strong recent performance.
In some areas, new homes now cost less than existing ones, reversing a typical modern cycle.
Rate-lock reluctance limits resales, steering demand to new builds; builders also face high land, labor, materials, and regulatory hurdles.
Builders cite alternative materials, AI planning, and smaller smart/tiny homes; avg new-home sq-ft is projected to ↓ further next year.
