As of June 2025, there are 119,000 unsold completed new homes in the U.S. — the most since 2009.
And builders are feeling the heat.
According to a recent Fast Company report, Lennar — America’s $34 billion homebuilder — is staring down the end of its fiscal year on November 30. That means these dog days of summer aren’t just hot outside, they’re hot inside the boardrooms too. Lennar is quietly trying to unload big chunks of its sitting inventory before the books close.
That’s why they just launched the Lennar Investor Marketplace — a site aimed at mom-and-pop landlords. Think about that. One of the largest builders in the country, once focused on selling dream homes to families, is now marketing directly to small landlords to clear its backlog.
And it’s not a small backlog. That 119,000 unsold homes is a 15-year high.
Now, here’s where the metaphor meets the math. The housing market feels like a fashion show. Builders strut shiny new floorplans down the runway, with incentives as accessories. But when racks are overflowing with unsold looks? Even the biggest designers start discounting.
Lennar is spending 13.3% of the final sales price on incentives — over $53,000 on a $400K home. That’s the richest since 2009. Just two years ago, they were barely offering 1.5%.
Translation for Motivated Las Vegas buyers:
Builders are ready to make deals — especially heading into the fall fiscal year-end push.
Incentives are back on the table: buydowns, upgrades, closing costs and price cuts.
The softness isn’t just in Florida or Texas. It’s in the Mountain West and Southwest too — right here in Las Vegas.
If you are ready to take advantage of the Fall sprint to year end - let's connect. I know how to negotiate on your behalf and get you into a brand new home before the end of the year.
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