Old homes in the U.S. now cost just as much as new properties. Here's why.

Looking for a house? A newly built home might not cost you any more than buying an older one.

Historically, older houses have cost tens of thousands of dollars less than newly constructed properties. But existing homes now cost a median of $416,000, which as of May is the same price as for new homes, Axios reported, citing data from FactSet. A decade ago, a typical new home cost $60,000 more than an existing house. 

The shrinking gap in the cost of old and new home stems from the sharp rise in prices for older homes during the pandemic, as well as the recent jump in mortgage rates. Fewer property owners are listing their homes this year because of the "lock-in effect," with homeowners hesitant to give up low mortgage rates that they secured during the pandemic, when rates were 3% or lower, Sami Sparber, a real estate reporter for Axios, told CBS News.