In the fourth quarter of 2025, the median price for a new single-family home was $405,300, which was $9,600 lower than the median price of an existing home, which stood at $414,900. This marks the third consecutive quarter for which existing home prices have exceeded new homes prices, according to U.S. Census Bureau and NAR data. Typically, new homes carry a price premium over existing homes. …Over the past five years, the gap has narrowed significantly, averaging just $23,300. Notably, beginning in the second quarter of 2024, this relationship reversed, with existing home prices exceeding new home prices in five of the past seven quarters. Both new and existing homes saw dramatic increases in prices post-pandemic due to higher construction costs and limited supply. While overall home prices remain elevated compared to historical norms, new homes prices have moderated due to tactical builder business decisions.