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2w ago

U.S. Housing Tilts Toward Buyers as Unsold New Homes Hit 16-Year High

Elevated mortgage rates are sapping buyer urgency.

A for sale sign, from the Redfin brokerage, is displayed in front of a single family home, Thursday, July 17, 2025, in Derry, New Hampshire.
A ReMax "For Sale" sign outside a residential home, Wednesday, June 4, 2025, in Houston.
There were 121,000 new unsold homes in July 2025, according to recent data from the US Census and US Department of Housing and Urban Development

Overview

  • Census and HUD reported 121,000 completed-but-unsold new homes in July, the highest since July 2009.
  • New single-family sales slowed to a 652,000 annual rate in July, down 8.2% year over year, as the median new-home price fell 5.9% to $403,800.
  • A ResiClub/Zoodealio survey found 74% of agents see lower buyer urgency and 81% say buyers are gaining power, with a recent report identifying only five sellers’ markets nationwide.
  • Redfin said 15.3% of home purchases fell through in July, the highest share ever recorded for that month as buyers faced high costs and had more options.
  • Federal Reserve minutes noted weakening housing demand, and the Sept. 16–17 policy meeting is in focus with many expecting a rate cut that could affect mortgage costs.