The first quarter of 2026 marked the fourth straight quarter that the median price of an existing single-family home ($404,600) edged out the median price of a new home ($403,200), according to the National Association of Home Builders’ analysis of U.S. Census Bureau and National Association of Realtors data.
New homes typically carry a price premium over existing homes, but in six of the last eight quarters, the relationship has been flipped, the report said. The unusual dynamic comes down largely to inventory, with many existing-home owners locked into low mortgage rates from the pandemic, reluctant to give them up by selling at today’s higher rates. New home prices, meanwhile, have moderated as builders have adapted to affordability pressure.
The median price of new homes was 4.7% lower in the first quarter of 2026 than that of 2025, continuing a downward trend started in mid-2023. By contrast, existing home prices have posted year-over-year gains for 11 quarters in a row. However, that growth has cooled to just 0.6% in the first quarter of 2026, compared with a recent high of 4.9% two years ago.
Read the full report here.
