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Jun 41 min read

The Price Gap Between New & Existing Homes is Narrowing

See the latest trends and forecasts for 2024.


Market Perspective: Housing Inventory by the Numbers. The Price Gap Between New and Existing Homes is Narrowing. In April, Existing-home median sales price was $407,600 while New-home median sales price was $433,500
With less existing-home inventory, new homes make up a larger share of listings. New homes represented 33.4% of single-family home inventory in Q1. That's double pre-pandemic levels. Builders are offering homebuyers incentives, such as rate buy-downs, price cuts, and covering closing costs. New construction may give buyers more options and flexibility in a tight housing market.
Industry experts express optimism for the second half of 2024
 

Sources:
[1] National Association of Realtors®, Existing-Home Sales, April 2024.
[2] U.S. Census Bureau, HUD, Monthly New Residential Sales, April 2024.
[3] Data from Moody Analytics, as reported by CNBC, May 20, 2024.
[4] Federal Reserve Economic Data (FRED), Median Sales Price for New and Existing Homes, May 31, 2024.
[5] Redfin, “One-Third of Houses For Sale Are Newly Built, Just Shy of the Record High,” May 20, 2024.
[6] MBA Mortgage Finance Forecast, May 16, 2024.
[7] Fannie Mae, Housing Forecast, May 2024.
[8] Data from Altos Research, as reported by HousingWire, May 28, 2024.
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