US New-Home Prices Fall in Q1 While Existing-Home Prices Rise
Prices for New Homes Continue to Drop as Existing Rises
According to the US Census Bureau and National Association of Realtors (NAR), with analysis by the National Association of Home Builders (NAHB), the median price for a new single-family home sold in Q1 was $416,900, a mere $14,600 above the existing-home sale price of $402,300 (not seasonally adjusted).
NAHB notes that typically, new homes carry a price premium over existing homes. However, that trend reversed in 2024Q2 and 2024Q3, when the median price of existing homes exceeded that of new homes. In Q1, the gap returned, but at a modest $14,600—well below historical norms. For context, the price difference peaked in 2022Q4, with new homes selling for $64,200 more than existing homes. Over the past five years, the average gap was $26,700, compared to a much wider $66,000 average from 2010 to 2019.
In Q1, the median price of new single-family homes fell 2.32% year-over-year, marking the eighth consecutive quarter of annual declines. In contrast, the median price of existing single-family homes rose 3.38%—the seventh straight quarter of year-over-year gains.
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