A simple answer: The newly built houses are in less desirable areas. If you break down that statistic by location, you find that in basically every metro area,

A simple answer: The newly built houses are in less desirable areas. If you break down that statistic by location, you find that in basically every metro area, the prices have increased (and done so significantly, 2-3x). It's in suburban areas or less commonly desirable cities (Cleveland, Charlotte) where the real prices have decreased. If your job opportunities aren't in Cleveland, that housing prices have decreased there doesn't really help you.