The US housing market is broken: On average, the price of a new single-family home has traded below the price of an existing single-family home for 12 months, the first such occurrence in 54 years. This comes as the price of a new home fell below the price of an existing home in 2024, for the first time since 2005. By comparison, new homes were ~10% more expensive just 3 years ago, measured by the 12-month moving average. The difference was as much as ~40% in 2012, following the 2008 Financial Crisis. Something is seriously wrong with the housing market.