Tons Of New Homes Sitting On The Market 9/8/26

Summary

CNBC's Diana Olick reports that new-home sales were weak in July, with completed inventory at 488,000 and a 9.6-month supply, well above the balanced-market level of six months. Builders are cutting prices and scaling back mortgage rate buy-downs as mortgage rates hover near 7%. The report signals softening demand and potential pressure on homebuilders.

• July new-home sales were disappointing, with completed homes sitting unsold.
• Completed inventory was 488,000, a 9.6-month supply versus a balanced six months.
• Median new-home sale price fell 2.3% from June and 0.9% year over year.
• Builders bought down mortgage rates in spring but pulled back on those incentives.
• 30-year fixed mortgage rates hit a one-year high near 7% in July.
• New construction homes were one of the few things cheaper than a year earlier.