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Fortune
Fortune
Jason Ma

This decades-long trend in home prices has been 'flipped on its head' amid a big shift in the housing market

Housing Market Home Prices David OReilly
toy house upside down (Credit: Getty Images)

The historically unaffordable housing market has been forcing builders to start making smaller homes, and that has now triggered a major milestone in prices.

Since the mid-1980s, new homes typically commanded a price premium over existing homes, Howard Hughes Holdings CEO David O’Reilly told CNBC on Wednesday, adding that it has been shrinking over the past several months. Now it's gone.

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