New-construction homes now cost less than existing homes in Seattle, according to a new report from Zillow.

In July, the average price-per-square-foot was $408 for new homes. For existing homes, the price was $2 more expensive per square foot at $410.

That trend mirrors a national one: Across the United States, a median-priced new home now sells for $205 per square foot, while the median price-per-square-foot for existing homes is $212.

That’s a reversal of a long-standing precedent for new construction. During the time period from 2018 to 2024, new homes typically sold for more than existing homes, peaking at $25 more per square foot in November 2022.

However, in 17 out of the past 19 months, U.S. homebuilders have sold at a discount compared to existing-home sales. That price discrepancy was greatest in June, when new homes sold for a median of $12 less than existing ones.

“New homes are the overlooked opportunity more buyers should be thinking about. Buyers who assume new homes are out of their price range may be surprised at what they find,” Zillow Senior Economist Kara Ng said in a press release. “Where the most new homes have been built, buyers are in the best position to negotiate as sellers have a lot of other homes on the market to compete with. We often preach letting America build its way out of the affordability crisis, and these friendlier conditions are the payoff.”

The biggest new-construction discounts can be found in Austin, where new homes cost 19.3% less per square foot than existing homes, followed by Raleigh, North Carolina (14.4%), and Tampa, Florida (12.4%); conversely, new homes are still more expensive than existing homes by the largest margin in New York (64.9% more per square foot), Cleveland (50.7%) and Detroit (44.5%).