Newly built homes are now cheaper than existing ones, according to the latest data, as developers navigate an oversaturated housing market where sellers far outnumber buyers.

The median sale price of a new home in June, according to the latest data made available by the Census Bureau, was $401,800, down 4.9 percent from a month earlier and 2.9 percent a year earlier. In the same month, the median sale price of an existing home was $435,300, according to data by the National Association of Realtors (NAR), up 2 percent year-over-year.

It is rare for newly built homes to cost less than older existing ones. According to real-estate analyst Nick Gerli, founder and CEO of Reventure App, this is only the sixth time in 26 years that this has occurred.

Gerli added that the price gap between newl

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