Prices for new and existing homes across the United States have been rising for the past couple of years. This increase has been fueled by several factors: historically low mortgage rates, a low existing home supply, and increased labor and materials costs. Is there relief in sight?

Existing Homes vs. New Homes

Existing homes are defined as homes that are owned and occupied before coming onto the market. These account for more than 90% of total home sales. The National Association of Realtors (NAR) releases data for existing homes monthly. The most recent data for July was released on August 18, 2022.

New homes, as you probably guessed, are newly built homes on the market for the first time. This is defined by the completion of the sales contract and acceptance of the deposit—regardless of the stage of construction. Data for new homes are released monthly from the U.S. Department of Commerce. The most recent figures were released for June on July 26, 2022.

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