U.S. Existing Home Sales Declined in June 2025
- Total New Home Sales increased in the U.S. month-over-month to 627,000 in June 2025 from 623,000 in May 2025 (on a seasonally adjusted basis).
- Total Existing Home Sales in the U.S. slightly decreased month-over-month to 3.93 million in June 2025 from 4.03 million in May 2025 (on a seasonally adjusted basis).
Average Home Value by State
- The heatmap below outlines the average single-family home value by state in Q2 2025. For reference, the average single-family home value in the U.S. in Q2 2025 was $371,133.
- The states with the highest average single family home value were: Hawaii at $977,538, followed by California at $813,110 and District of Columbia at $770,566.
- The states with the lowest average single family home value were: West Virginia at $170,514, followed by Mississippi at $190,755 and Louisiana at $214,187.
Are Existing Homes Cheaper than New Homes?
- The chart below outlines the difference, as a percentage, between a new home value and an existing home value for the top 10 states in 2025.
- Connecticut had the largest difference(as a percentage) between a new home value and an existing home value at 125.9%. An existing home was priced at $996,870 and a new home was priced at $441,210.
Where are New Single Family Homes Being Built?
- The chart below highlights the metros with the fastest growth for building permits for single family homes from January 2025 to May 2025.
- Little Rock-North Little Rock-Conway, AR had the largest growth for single family permits in 2025 at 43.2%.
How Much is it to Build a New Home in 2024?
- The average cost of building a new home in 2024 was $428,000. The largest portion of cost comes from the Interior Finishes (Insulation, drywall, interior trims, doors, mirrors, etc.) at $103,000, followed by Major System Rough-Ins (plumbing and electrical, HVAC) at $82,000.
How Are Home Builders Doing?
- The last chart examines the year-to-date total return in 2025 for select homebuilders.
- Pulte Group Inc. had the largest return YTD at 5.90%, followed by DR Horton Inc. at 5.60%.
