US New-Home Builders Slash Prices in Fresno, Charleston, San Antonio, Las Vegas, Austin
In 2026, new-home builders in several U.S. cities are cutting prices more aggressively than sellers of existing homes, leading to a rare inversion where the median price of new homes has slipped below that of existing ones. Realtor.com's data, as of June, shows that nearly 70% of new-home listings in the South and West carried at least one price cut, compared to 11% or less in the Northeast and Midwest. Fresno, California, tops the list with 68.8% of new-home listings discounted, with Lennar cutting prices by up to $22,000 and another builder offering $50,000 discounts. Charleston, South Carolina, follows with 48.5% of listings cut, where D.R. Horton has reduced prices in Summerville to lower monthly payments. San Antonio, Texas, ranks third with 45.3% of listings cut, amid a broader market slowdown. Las Vegas, Nevada, is fourth with 41.6% of listings cut, where builders like KB Home are also shrinking floor plans and offering design-center credits. Austin, Texas, rounds out the top five with 32.4% of listings cut, with oversupply concentrated in suburbs like Liberty Hill and Georgetown. Builders are using a combination of price cuts, rate buydowns, and incentives to move inventory, driven by high mortgage rates near 6.8% and lower construction costs in the South and West.
Key facts
- Realtor.com tracked builder pricing behavior across the 100 largest U.S. cities as of June.
- Nearly 70% of new-home listings in the South and West carried a price cut, compared to 11% or less in the Northeast and Midwest.
- Fresno, California, had the highest share of new-home listings with price cuts at 68.8%.
- Lennar cut prices by up to $22,000 in certain Fresno communities; another builder offered discounts up to $50,000.
- Charleston, South Carolina, ranked second with 48.5% of new-home listings carrying a price cut.
- D.R. Horton dropped asking prices in Summerville, South Carolina, to lower monthly payments.
- San Antonio, Texas, ranked third with 45.3% of new-home listings carrying a price cut; median home price fell 2.6% to about $260,000.
- Las Vegas, Nevada, ranked fourth with 41.6% of new-home listings carrying a price cut; KB Home opened Meriden, a 940-home community in Henderson with prices starting in the mid-$300,000s.
- Austin, Texas, ranked fifth with 32.4% of new-home listings carrying a price cut; oversupply is concentrated in suburbs like Liberty Hill and Georgetown.
- Builders are using price cuts, rate buydowns, and incentives to move inventory.
- Mortgage rates near 6.8% have kept many buyers on the sidelines.
- The median price of a newly built home has slipped below the median price of an existing one.
Entities
Institutions
- Realtor.com
- Lennar
- D.R. Horton
- KB Home
- Boeing
- Cadence
Locations
- Fresno
- California
- Charleston
- South Carolina
- Summerville
- San Antonio
- Texas
- Las Vegas
- Nevada
- Henderson
- Austin
- Liberty Hill
- Georgetown
- Dripping Springs
- Bee Cave
- Summerlin
- Skye Canyon
- United States
Sources
- Quartz —