The real story isn't that the South is building more. It's that Southern builders are pulling off something rare: new construction that's actually cheaper than existing homes, inverting the usual "new means premium" math. That's only possible where land is cheap and zoning doesn't fight builders at every turn--which is also exactly why the Northeast doesn't crack the top 10. In these markets, new construction may be one of the best affordability opportunities for buyers right now.
