In my area, new homes are on tiny lots, often with steep grades narrow roads and no parking because it’s all infill on lots that were unattractive in the last building wave. I’m not sure the comparisons fully take that into consideration. I’d guess the sellers’ hold is the explanation though because when we were buying a couple years ago, prices were the other way around and we couldn’t figure out why people were rejecting 40 year old homes in favor of these chockablock places. Comps all seemed to just go by number of bedrooms or something.