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Existing homes are now more expensive than new ones... That’s not normal.

New cars cost more than old ones. And, despite ownership cycles that are decades longer, houses tend to be the same in America, with newly built homes usually 15-20% more expensive than existing ones.

But, in a rare reversal of historic trends, that’s no longer true.

Marrying two datasets from the Census Bureau and the National Association of Realtors reveals that the median $403,800 sales price of new homes was lower than the $422,400 median price of existing homes nationally as of July.

Harder, better, cheaper, newer?

Exactly why this is happening is complex. The short answer is that there’s simply way too many newly completed homes. As of July, the inventory of unsold new homes on the market would take more than nine months to clear, the highest level in 15 years excluding the pandemic, compared to the 4.6-month supply of existing homes.

To attract buyers and trim their overflowing inventories, homebuilders are adding discounts to new home deals, like mortgage rate “buydowns” of about 5% on average — even if it hurts their margins. In fact, a record 38% of builders said they cut home prices in July, per the National Association of Home Builders.

Existing homeowners, however, aren’t feeling as flexible on price, probably because for most of them, moving would involve reentering the mortgage market and giving up the cushy rate they might have secured during the pandemic. With no incentive to move out, America’s existing home sales hit their slowest pace in nearly three decades last year, with homeowners experiencing the strongest mortgage “lock-in effect” since the 1980s.

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China is driving renewable energy growth globally — it’s also the world’s biggest coal producer

The state of renewable energy in 2025 can be described by paraphrasing Charles Dickens: it’s the best of times, it’s the worst of times.

Yesterday, new research from BloombergNEF outlined that while global investments in renewable energy are hitting new highs, reaching a record $386 billion in the first half of 2025, expenditure on renewable projects in America is slumping. Indeed, the US saw the greatest drop in new renewable energy investment of any country in that period, with committed spending down by $20.5 billion (-36%) from the latter half of 2024.

Solar opposites

America’s shift from renewables is in line with the Trump administration slashing subsidies. But, at the global level, the future of energy still largely rests on China, the biggest energy consumer, which is continuing to build its renewables capacity despite pressure from lower power prices.

Just last month, Chinese officials showed off a new solar farm that they claim will be the world’s largest when completed, covering a projected 235 square miles, according to the AP — roughly the size of Chicago. Indeed, even though BloombergNEF found that China’s renewables investment contracted in H1 2025, the region still made up 44% of all new investment globally.

While China currently accounts for a third of global power demand, it’s straddling both sides of the energy divide. It’s simultaneously the biggest producer of clean energy and the biggest carbon emitter; it’s leading the charge in renewable energy investment, and it’s approving coal production projects at a rapid clip, starting construction on 94 gigawatts of new coal power capacity last year alone.

Whether China edges closer towards its goal of net carbon neutrality by 2060, or leans more on carbon-emitting sources, we will see its giant contradictory energy plights go head-to-head in years to come.

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The biggest stories in crypto, charted.

Stablecoins are one of the killer apps of crypto. They’re digital representations of the U.S. dollar that move over blockchains like Ethereum. While bank wires take 24 hours, stablecoins settle in seconds— the same time it takes to send a text.

Stablecoins only started getting off the ground in 2019. Last quarter, they were used in more than $6 trillion worth of transactions. And Congress just passed a historic stablecoins bill that aims to make them more secure and trustworthy.

Expect to see a lot more people and businesses pay for things with stablecoins. 

For this and more of the biggest stories moving crypto markets, check out the Bitwise Crypto Market Review— 60+ charts and tables created by the specialists at Bitwise. 

Prospective buyers are flocking to Canada Goose with take-private bids worth almost $1.4 billion

As summer comes to an end, people are starting to pull cold-weather clothes from the backs of their wardrobes… and now, it looks like several private equity firms are following suit, eyeing up Canada Goose.

Following reports that Canada Goose’s controlling shareholder, Bain Capital, is trying to offload the luxury parka-maker, a flurry of offers have rolled in from the likes of Boyu Capital and Advent International, per CNBC — with some bids valuing the company at almost $1.4 billion, sending the stock up 13% in early trading on Wednesday.

Goose bumps

Dating back to 1957, Canada Goose is best known for its feather-lined parkas, originally designed for arctic conditions. Now a high-end, heat-keeping staple beloved by celebrities and film set workers alike, the coats retail at just under $1,500 apiece. But only so many people can afford that price tag — which is perhaps why sales growth has recently ground to a halt.

A top priority for any potential buyer will be to pad out the company’s sales again, particularly in struggling markets like China, where revenue dropped ~2% for the year ending in March. That was in stark contrast to the 47% sales jump it saw the year before.

Another concern will be diversification. Indeed, as a winterwear specialist, GOOS’s sales nosedive in the warmer months — something the company is desperate to change. Per the WSJ, Canada Goose is planning to expand its product line to become a “broader luxury player,” hoping that items such as $450 sunglasses and $400+ shoes will help to balance out earnings year-round and draw in new customers with lower price points.

Of course, this isn’t the first time Canada Goose has attempted to modernize: the brand famously went fur-free back in 2022 after years of criticism from animal rights activists.

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Last quarter, stablecoins were used in more than $6 trillion worth of transactions — and at the current rate of growth, stablecoin transactions could surpass legacy payment volumes in less than a decade. Discover 60+ charts and tables on today’s big crypto stories at Bitwise.¹

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Off the charts: Which company, where sales fell last year for the first time since the pandemic, is bringing out a serving dish specifically designed to fit 11 pieces of its iconic spherical snacks? [Answer below]. 

Answer here.

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