New Single-Family Home Inventory Continues to Pile Up

As buyers pull back, the amount of unsold housing inventory continues to pile up. Since the pandemic housing boom fizzled out, the number of unsold completed U.S. new single-family homes has been rising. According to data from the ResiClub blog, there were just 34,000 unsold new single-family homes in July 2021. In July 2025, that figure rose to 121,000 unsold homes, the highest level since July 2009—in the wake of the Great Recession—when there were 126,000 unsold new single-family homes on the market.

Since 2021, the number of unsold new single-family homes has grown gradually. In 2022, the figure rose to 38,000, before jumping to 70,000 and in 2023 and then 103,000 homes in 2024.

While there has been an increase in slack in the new construction market, U.S. new home sales have only fallen a little.

The total U.S. new home sales in July 2025 (56,000) were down -8.1% compared to July 2024 (61,000). [Keep in mind that new home sales data has a large margin error].

Why aren’t new home sales significantly lower this spring, despite national homebuilders, on an aggregate basis, facing their softest spring/summer market of the past decade?

It boils down to the fact that many homebuilders have done larger affordability adjustments—including everything from bigger buydowns, more money back at close, and even outright price cuts—in order to keep moving product. Those adjustments in many markets have been enough to prevent a bigger pullback.