Glut of New Completed Single-Family Houses for Sale Spikes to Highest since 2007, Prices Drop to Lowest since 2021 But Are Still Way too High

Unsold inventory for sale of completed new houses spiked by 57% year-over-year to 124,000 houses in November, according to Census Bureau data today, the highest since June 2009 during the depth of the Housing Bust when homebuilders, stuck with a huge pile of completed houses amid plunging demand, were trying to survive.