New vs. Existing Home Prices: What the National Median Misses

In Q2 2026, the national median price for new single-family homes was $410,700, $25,000 less than existing homes at $435,700, marking the largest price gap. This reversal, seen mainly in the South and West, is driven by tight existing home inventory and builders adapting to affordability by constructing smaller homes in less expensive areas. New home prices declined 1.3% year-over-year, while existing home price growth slowed to 1.7%.