About 111,000 finished new homes are still unsold. How agents can use builder incentives for buyers
A daily real estate show called it 113,000 new homes with no buyers. The Census numbers behind that headline are real, a little more nuanced, and useful: builders are holding finished homes they want to close, and that is negotiating room for your buyers.
The numbers
Builders are sitting on finished homes. The Census Bureau and HUD's New Residential Sales report for September 2026, released October 27, counts about 111,000 completed new single-family homes for sale, seasonally adjusted. That figure was 113,000 in June, which is where a headline about "113,000 new homes with no buyers" came from. It is down from 128,000 in January, so builders are working the pile down, but a finished, unsold home still costs a builder money every month it sits.
The September numbers
| New single-family homes, September 2026 (Census/HUD) | Number |
|---|---|
| Sales pace (seasonally adjusted annual rate) | 676,000, down 5.3% from a year earlier |
| New homes for sale, all stages | 476,000 |
| Completed and for sale | 111,000 |
| Under construction and for sale | 250,000 |
| Not yet started | 115,000 |
| Months' supply | 8.4 |
| Median sale price | $400,400, down 3.9% from $416,800 |
| Average sale price | $472,800, down 6.7% |
Monthly new-home numbers swing and get revised; the Census margins of error on the monthly changes are wide. The trend over several months is the signal: sales below last year, prices lower, and a steady stock of finished homes.
Completed inventory, month by month
| Completed new homes for sale (seasonally adjusted) | Homes |
|---|---|
| September 2025 | 122,000 |
| January 2026 | 128,000 |
| April 2026 | 119,000 |
| June 2026 | 113,000 |
| August 2026 | 112,000 |
| September 2026 (preliminary) | 111,000 |
Why a finished home is a builder's priority
A completed home carries the builder's construction loan interest, taxes, insurance and upkeep until it closes, and it ties up money the builder needs for the next lot. That is why the best incentives usually sit on homes that are already built or close to done, and why "quick move-in" or "spec" homes are where a buyer has the most room.
What this means for agents
- Go to the site with your buyer, and register them. Many builders pay a buyer's agent only if the agent is named at the first visit.
- Ask for a rate buydown before a price cut. A builder's money spent on a buydown, often through its affiliated lender, can lower the payment far more than the same dollars off the price. Compare the builder's offer against an outside lender's quote in writing, and remember buyers are free to choose their own lender.
- Ask what incentive is tied to which home. Builders often put the biggest incentive on finished inventory and a smaller one on homes not yet started.
- Get an independent inspection. New homes still need one, including a pre-drywall inspection when the home is under construction.
- Resale sellers are competing with this. When a builder down the road offers a buydown and closing costs, a resale listing has to price for it or match it.
What to tell your clients
Buyers: "Builders have finished homes they want to close this year. Let's look at those first, because that's where they give the most on rate and closing costs."
Buyers comparing new and resale: compare the monthly payment after incentives, not the list prices. A slightly higher price with a builder buydown can cost less each month.
Resale sellers near new construction: "The builder down the street is paying for buyers' rates. We either price for that or offer a buydown of our own."
A local tool to share: buyers can test payments with and without a lower rate on The Kenna Group at Keller Williams DTC's Colorado mortgage calculator.
Today's numbers
Where the market stands now
The story above is dated November 12, 2026. These update on their own as the publishers release new data.
Questions
Quick answers
How many new homes are finished and unsold?
About 111,000 completed new single-family homes were for sale in September 2026, seasonally adjusted, per the Census Bureau and HUD. The count was 113,000 in June and 128,000 in January.
Are new home prices falling?
The median new-home sale price was $400,400 in September 2026, down 3.9% from $416,800 a year earlier. The average price fell 6.7% to $472,800.
How many months of new homes are for sale?
8.4 months at the September 2026 sales pace, with 476,000 new homes for sale at all stages of construction.
Where do builders offer the best incentives?
Usually on finished or nearly finished homes, because every month a completed home sits costs the builder money. Ask which incentives apply to which homes and get them in writing.
When is the next new home sales report?
The Census Bureau's next New Residential Sales release is scheduled for November 25, 2026.
Sources
- U.S. Census Bureau and HUD, “Monthly New Residential Sales, September 2026 (CB26-174), Table 3a,” October 27, 2026. www.census.gov
- The National Real Estate Post (NREPdaily), “113,000 New Homes Have No Buyers (video),” November 9, 2026. thenationalrealestatepost.com
Written by the AgentCOS News Desk in our own words from the sources above. Numbers are as published on the dates shown; publishers sometimes revise them later.
