US Home Price Gap Flips Again

US new single-family homes sold for a $403.2K median in Q1 2026, $1.4K below existing homes at $404.6K, a notable pricing shift for buyers.
Existing homes topped new-home prices for a fourth straight quarter, reversing the usual new-home premium seen before Q2 2024 in national pricing patterns.
New-home median prices ↓~5% yearly in Q1 2026, continuing a slower annual growth trend that began after Q2 2023 nationally for builders.
Existing-home prices still posted yearly gains for 11 straight quarters, but growth eased from ~5% 2 yr ago to <1% in Q1 2026.
Builders responded to affordability pressure with smaller lots, smaller homes, incentives, and location shifts, while construction costs kept driving prices nationally overall.