New homes are now going for $3.50 LESS per square foot than old ones—the biggest gap since 2005.

The median price per square foot for an existing home? $213.20. For a new build? Just $209.70.

In the last 6 years, existing home prices have gone ballistic, skyrocketing 70%, while new home prices “only” jumped 50%.

Homebuilders are throwing discounts like candy, while homeowners, stuck with their sweet low-rate mortgages, aren’t budging.

With an average mortgage interest rate around 4% (despite current rates hovering at 6.5%), who can blame them?

When old costs more than new, you know the market’s gone off the rails.