New-home affordability is priced by local construction volume, not the mortgage rate.
Because new homes trade at deep discounts to resale exactly where construction ran hot and steep premiums where building is scarce, the working affordability lever is legislated build capacity — ministerial approvals and streamlined entitlements — rather than rate relief.
The same conclusion keeps arriving from across the workspace's research — 1 topics independently instantiate this theme. Filter the evidence by where it came from:
Under one national mortgage rate, the new-versus-resale price gap maps directly onto how much each metro let builders build.
The state's affordability response is to legislate construction capacity through ministerial approvals and streamlined entitlements, treating buildable supply rather than financing as the lever.