Transparency in data collection, processing, and presentation. This dashboard compiles authoritative housing market data for journalists, policymakers, and industry professionals.
Source: National Association of Home Builders
Coverage: National and four Census regions (Northeast, Midwest, South, West)
Frequency: Quarterly (released 6-8 weeks after quarter end)
Underlying Data:
NAHB compiles and publishes the most comprehensive quarterly comparison of new vs. existing home median sales prices. This is the primary source for national and regional data in this dashboard.
Source: National Association of Realtors
URL: NAR Metro Prices
Coverage: 230+ metropolitan statistical areas
Frequency: Quarterly (released 4-6 weeks after quarter end)
Data Type: Existing single-family home median sales prices
NAR provides the most comprehensive metro-level existing home pricing data. Used for metropolitan area analysis and top market rankings.
Source: Realtor.com Economic Research
URL: New Construction Insights
Coverage: National and four regions
Frequency: Quarterly reports
Data Type: New construction median list prices, price premiums, market dynamics
Realtor.com provides valuable context on new construction pricing dynamics, builder incentives, and market trends. Note: Uses list prices rather than sales prices.
Source: U.S. Census Bureau & HUD
URL: Census NRS
Coverage: National and four regions
Frequency: Monthly (released ~1 month after reference period)
Data Type: New single-family home median and average sales prices
The authoritative source for new home sales data. NAHB compiles this data in their quarterly reports.
Important Note: Metro-level new home sales prices are not published by the U.S. Census Bureau. The Census only provides regional aggregates (Northeast, Midwest, South, West).
Our Approach: Metro new home prices are estimates derived by:
Why This Matters: While existing home prices are precise, new home prices are informed estimates. The relative comparisons (which metros have flipped, magnitude of gaps) are reliable, but absolute new home price figures should be treated as approximations. We clearly flag all estimated values in the Metro Areas dashboard.
Data Quality: For metros where Realtor.com has published specific new construction data (e.g., Austin showing -7.2% premium, Charlotte +8.8%), we use those confirmed figures. For others, we apply conservative regional estimates.
Within 2 weeks of NAHB publishing their quarterly median prices report (typically 6-8 weeks after quarter end), we extract the latest national and regional data. NAR metro-level data is collected from their quarterly releases.
All data points are cross-referenced with source PDFs and previous quarters to ensure accuracy. Year-over-year changes are validated against published percentage changes. Any anomalies are investigated before publication.
JSON data files are updated with the latest quarterly figures. Charts automatically reflect the new data. Narrative sections are reviewed and updated to reflect current market dynamics and notable trends.
Updated dashboard is published with clear "Last Updated" timestamps. All charts and data tables include source attribution. Users can cite this dashboard with confidence that data is traceable to authoritative sources.
Update Schedule: This dashboard is updated quarterly, typically within 2 weeks of NAHB publishing their median prices report. Q4 2025 data is now live (published March 2026). The next update is expected in May–June 2026 for Q1 2026 data.
The price gap is calculated as the simple difference between median new home price and median existing home price for a given quarter and geography:
A positive gap indicates new homes are more expensive. A negative gap (highlighted in red) indicates existing homes are more expensive—a "market flip."
The price premium percentage is calculated as:
Seasonal Adjustment: NAHB data is not seasonally adjusted (NSA). This means quarterly comparisons may reflect seasonal patterns in home buying and selling activity. Year-over-year comparisons are more reliable for trend analysis.
Home Type: Data covers single-family homes only. Condos, townhomes, and multi-family units are excluded to ensure apples-to-apples comparisons.
Geographic Definitions: Regional boundaries follow U.S. Census Bureau definitions. Metropolitan areas follow OMB delineations as used by NAR.
The 2010-2019 average gap of $66,000 cited in the dashboard comes from NAHB's analysis of the decade preceding the COVID-19 pandemic. This represents the "normal" premium for new construction during a period of relatively stable housing market conditions.
The dramatic narrowing of the gap since 2022 represents a significant departure from this historical norm, driven by post-pandemic market dynamics including builder incentives, mortgage rate lock-in effects, and shifting construction patterns.
This dashboard uses median prices, not average (mean) prices. Medians are less affected by extreme values and better represent the "typical" home price. However, they may not capture shifts in the mix of homes being sold.
NAHB and Census data use actual sales prices. Realtor.com data (used for supplementary analysis) uses list prices, which typically run 3-5% higher than final sales prices. This distinction is noted where applicable.
Census Bureau does not publish metro-level new home prices, only regional. Metro-level new construction analysis relies on alternative sources (AEI-Zillow, Realtor.com) which may use different methodologies.
Sales prices may not fully capture the value of builder incentives (rate buydowns, closing cost assistance, upgrades). Effective prices paid by buyers may be lower than reported sales prices for new construction.
Quarterly data is released 6-8 weeks after the quarter ends. Dashboard updates occur within 2 weeks of data publication. Users should be aware of this 8-10 week lag between market activity and dashboard updates.
Plain-English definitions for every term used across this dashboard. Hover the ⓘ icons on any page for in-context versions of these definitions.
The middle value in a sorted list of all home sales — half sold above this price, half below. Less skewed by luxury outliers than an average (mean).
The dollar difference between the median new construction price and the median existing home price. Positive = new costs more (traditional). Negative = existing costs more ("flipped").
When existing (resale) homes cost more than newly built homes. Historically unusual. As of Q4 2025, this has occurred in 5 of the last 7 quarters nationally.
Metropolitan Statistical Area — a U.S. Census-defined region centered on a large city plus surrounding suburbs and commuter counties. Example: "Boston-Cambridge-Newton, MA-NH" covers Boston proper and dozens of surrounding towns.
A newly built single-family home sold for the first time. Prices come from the U.S. Census Bureau / HUD New Residential Sales report (Series C-25).
A previously owned single-family home sold on the open market. Prices come from the National Association of Realtors (NAR) Existing Home Sales report.
The price gap expressed as a percentage of the existing home price. Boston +30.6% means new homes cost 30.6% more than existing homes in that market.
A miniature chart showing the price gap over the last four quarters. A falling line means the flip is deepening (existing homes pulling further ahead). A rising line means the gap is narrowing.
A discount or subsidy offered by a homebuilder to attract buyers — commonly mortgage rate buydowns (paying points to lower the buyer's rate), closing cost credits, or free upgrades. These reduce the effective price paid without lowering the official sales price.
When existing homeowners with low-rate mortgages (e.g., 3%) are reluctant to sell because buying a replacement home would require a much higher rate (e.g., 7%). This reduces existing home supply, pushing resale prices up.
One of four geographic groupings used by the U.S. Census Bureau: Northeast, Midwest, South, and West. Regional data covers all metros and rural areas within each region.
Data that has not been adjusted to remove regular seasonal patterns. NAHB data is NSA, so Q1 figures (slow season) may appear lower than Q3 (peak season) even if the underlying trend is flat.