The median new home has sold for less than the median resale since mid-2024. Here is what is driving the gap.
For most of the last 35 years, new construction in America carried a price premium. Buyers paid more for homes that had never been lived in, with modern finishes, current building code, and a builder's warranty. Between 2010 and 2019, the median new home sold for roughly $66,000 above the median existing home.
Since mid-2024, that has changed. National median new home sale prices have been below national median existing home sale prices in five of the past seven quarters. The most recent data point came on May 5, when the U.S. Census Bureau and HUD released the March 2026 new residential sales report. The median new home in America sold for $387,400, the lowest median new home sale price since July 2021. The same month, the National Association of Realtors reported the median existing home sold for $408,800. On median sales prices nationally, a new home is currently $21,400 below the typical resale.
This is not new homes suddenly getting cheaper across the board. It is the result of three things happening at once.
Builders are increasingly using incentives and pricing concessions. Roughly 60% of builders are currently offering sales incentives, including rate buydowns, closing cost credits, free upgrades, and outright price cuts. Asking prices on new construction listings are still elevated. The Realtor.com Q1 2026 report shows new construction still listing at a 15.1% premium to existing homes on asking prices. The flip only shows up in the closing data, because builders are absorbing the gap with incentives to keep volume moving.
The new construction mix has shifted. Most new homes being built today are in suburban submarkets in the South and Midwest, on smaller lots, often with simpler floor plans. Urban new construction still carries a steep premium, around 78% above existing in urban ZIP codes. Part of what the national median is capturing is where and what builders are producing, not just unit-level price drops.
Resale supply is locked up. Most homeowners who bought or refinanced between 2020 and 2022 are sitting on mortgage rates well below 5%. Many are below 4%. A homeowner with a 3.25% mortgage doesn't want to sell into a 6.3% rate environment unless they have to. So they don't list. Inventory stays tight. Resale prices stay sticky.
Builders cutting. Resale sellers holding. A suburban-heavy new construction pipeline. Those three forces together produce the national median flip.
Realbricks acquires new construction in suburban growth markets. We began with single-family homes in Omaha, Nebraska. Our current acquisition focus is Princeton, Texas, named by the U.S. Census Bureau the fastest-growing city in America from 2023 to 2024. Both are suburban submarkets, the segment where current builder pricing flexibility is most pronounced.
We work directly with one of the nation's largest home builders to source new construction at scale rather than buying from retail listings. That relationship is the basis for the acquisition discipline applied to every property brought onto the platform. We do not project future home values. We can describe the present environment: constrained resale supply, elevated builder incentive activity, and national median new home sale prices below comparable resale.
The cost of structuring and managing a fractional series means that builder discounts don't always pass all the way through to the offering price. Macallan is one of the cases where they did.
Macallan is a recently completed new construction single-family home in Princeton, Texas. It is currently around 60% funded on Realbricks, and the series is listed on the platform at ~18.6% below the current market listing price for comparable homes in the area. That is not a projection. It is the actual offering price relative to what the home would list for on the open market today.
The Macallan is a current example of the pattern above. New construction. Suburban growth market. Listed ~18.6% below comparable market listings.
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Disclaimer: Investing in real estate involves risks, including the potential loss of capital. This content is for informational purposes only and is not intended as investment advice. Investors should perform their own research and consult with financial professionals before making investment decisions.
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