Unsold New-Home Inventory Reaches 16-Year High

Alongside growth in the resale market, unsold new-home inventory is also climbing. According to the ResiClub blog, as of most recent August data, unsold new-home inventory grew to 124,000 homes, which is the highest level seen since July of 2009, when new-home inventory climbed to 126,000.

New-home inventory has climbed rapidly over the past few years

In August 2019, the number of completed unsold single-family homes sat at 79,000, but amid the pandemic housing boom, that figure declined to 52,000 in August 2020 and then 34,000 in August 2021.

Inventory levels then began to climb as builders tried to keep up with the heightened pace of demand. In August 2022, the number of unsold completed single-family homes climbed to 45,000 and then to 72,000 the following year.

Higher housing prices have also contributed to more unsold completed homes sitting on the market. In 2024, the number of unsold homes grew to 105,000.

Which areas of the U.S. have the highest level of unsold new-home inventory?

The ResiClub blog suggests that much of the unsold new-home inventory can be found throughout the Mountain West and Sun Belt regions, particularly in Gulf states like Florida and Texas. In these states, high resale inventory means that buyers have more options on their hands, ultimately contributing to lower sales in the new-home market.

Inventory is growing across the board—both in the existing- and new-home market

• Inventory Bounces Back in 78 Major Metros: As of June 2025, 78 of the 200 largest housing markets saw inventory return to 2019 levels. 
• Inventory Levels Are Back Above Pre-Pandemic Norms in 15 States: While inventory levels are still below levels seen in 2019, 15 states—predominantly in the South and Mountain West—have seen inventory levels return to pre-pandemic norms.