The number of U.S. home sales in the United States declined in 2024, after soaring in 2021. A total of four million transactions of existing homes, including single-family, condo, and co-ops, were completed in 2024, down from 6.12 million in 2021. According to the forecast, the housing market is forecast to head for recovery in 2025, despite transaction volumes expected to remain below the long-term average. Why have home sales declined? The housing boom during the coronavirus pandemic has demonstrated that being a homeowner is still an integral part of the American dream. Nevertheless, sentiment declined in the second half of 2022 and Americans across all generations agreed that the time was not right to buy a home. A combination of factors has led to house prices rocketing and making homeownership unaffordable for the average buyer. A survey among owners and renters found that the high home prices and unfavorable economic conditions were the two main barriers to making a home purchase. People who would like to purchase their own home need to save up a deposit, have a good credit score, and a steady and sufficient income to be approved for a mortgage. In 2022, mortgage rates experienced the most aggressive increase in history, making the total cost of homeownership substantially higher. Are U.S. home prices expected to fall? The median sales price of existing homes stood at 413,000 U.S. dollars in 2024 and was forecast to increase slightly until 2026. The development of the S&P/Case Shiller U.S. National Home Price Index shows that home prices experienced seven consecutive months of decline between June 2022 and January 2023, but this trend reversed in the following months. Despite mild fluctuations throughout the year, home prices in many metros are forecast to continue to grow, albeit at a much slower rate.

Key information about House Prices Growth

• US house prices grew 5.2% YoY in Dec 2024, following an increase of 5.4% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Mar 1992 to Dec 2024, with an average growth rate of 5.4%.
• House price data reached an all-time high of 17.7% in Sep 2021 and a record low of -12.4% in Dec 2008.

CEIC calculates House Prices Growth from quarterly House Price Index. Federal Housing Finance Agency provides House Price Index with base January 1991=100.

House prices in Germany rose by about 12 percent in 2021 but price growth is forecast to slow down until 2024. According to a report by the Deutsche Bundesbank, the German housing market is set to experience a 1.2 percent increase in the average house price in 2023 and 3.2 percent increase in 2024. According to the source, despite higher construction costs, financing costs, and overall economic uncertainty, the high housing demand alongside insufficient supply are likely to continue to drive prices up. Residential real estate prices in the largest cities have grown substantially since 2012. In Munich - Germany's most expensive residential market - the square meter price reached almost 11,000 euros per square meter in 2022.

The U.S. housing market has slowed, after ** consecutive years of rising home prices. In 2021, house prices surged by an unprecedented ** percent, marking the highest increase on record. However, the market has since cooled, with the Freddie Mac House Price Index showing more modest growth between 2022 and 2024. In 2024, home prices increased by *** percent. That was lower than the long-term average of *** percent since 1990. Impact of mortgage rates on homebuying The recent cooling in the housing market can be partly attributed to rising mortgage rates. After reaching a record low of **** percent in 2021, the average annual rate on a 30-year fixed-rate mortgage more than doubled in 2023. This significant increase has made homeownership less affordable for many potential buyers, contributing to a substantial decline in home sales. Despite these challenges, forecasts suggest a potential recovery in the coming years. How much does it cost to buy a house in the U.S.? In 2023, the median sales price of an existing single-family home reached a record high of over ******* U.S. dollars. Newly built homes were even pricier, despite a slight decline in the median sales price in 2023. Naturally, home prices continue to vary significantly across the country, with West Virginia being the most affordable state for homebuyers.

Graph and download economic data for Median Sales Price of Houses Sold for the United States (MSPUS) from Q1 1963 to Q1 2025 about sales, median, housing, and USA.

Housing Index in Sweden decreased to 936 points in the first quarter of 2025 from 937 points in the fourth quarter of 2024. This dataset provides - Sweden House Price Index - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Nahb Housing Market Index in the United States increased to 33 points in July from 32 points in June of 2025. This dataset provides the latest reported value for - United States Nahb Housing Market Index - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The median number of days property listings spend on the market in a given geography during the specified month (calculated from list date to closing, pending, or off-market date depending on data availability).

With the release of its September 2022 housing trends report, Realtor.com® incorporated a new and improved methodology for capturing and reporting housing inventory trends and metrics. The new methodology updates and improves the calculation of time on market and improves handling of duplicate listings. Most areas across the country will see minor changes with a smaller handful of areas seeing larger updates. As a result of these changes, the data released since October 2022 will not be directly comparable with previous data releases (files downloaded before October 2022) and Realtor.com® economics blog posts. However, future data releases, including historical data, will consistently apply the new methodology. More details are available at the source's Real Estate Data Library (https://www.realtor.com/research/data/).

With the release of its November 2021 housing trends report, Realtor.com® incorporated a new and improved methodology for capturing and reporting housing inventory trends and metrics. The new methodology uses the latest and most accurate data mapping of listing statuses to yield a cleaner and more consistent measurement of active listings at both the national and local level. The methodology has also been adjusted to better account for missing data in some fields including square footage. Most areas across the country will see minor changes with a smaller handful of areas seeing larger updates. As a result of these changes, the data released since December 2021 will not be directly comparable with previous data releases (files downloaded before December 2021) and Realtor.com® economics blog posts. However, future data releases, including historical data, will consistently apply the new methodology. More details are available at the source's Real Estate Data Library (https://www.realtor.com/research/data/).

Key information about House Prices Growth

• Thailand house prices grew 8.5% YoY in Sep 2021, following an increase of 4.9% YoY in the previous month.
• YoY growth data is updated monthly, available from Mar 2009 to Sep 2021, with an average growth rate of 5.7%.
• House price data reached an all-time high of 20.2% in Dec 2009 and a record low of -6.1% in Dec 2020.

The Bank of Thailand calculates House Price Growth from Condominium Price Index with base 2009=100. House Prices Growth covers Bangkok and Vicinities only.

According to Cognitive Market Research, the global Real Estate Sector market size will be USD 3625.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 5.50% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 1450.20 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 1087.65 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 833.87 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 181.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 72.51 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031.
The Commercial real estate is the fastest-growing segment, driven by economic development, urbanization, and a shift toward modern, multi-use spaces

Market Dynamics of Real Estate Sector Market

Key Drivers for Real Estate Sector Market

Urbanization and Population Growth to Boost Market Growth

Urbanization is one of the primary drivers of the real estate sector. As more people migrate from rural areas to urban centers, there is an increasing demand for both residential and commercial properties. The growth of megacities around the world has spurred significant development in infrastructure, housing, and office spaces. This trend is expected to continue as populations in cities grow, creating new opportunities for real estate developers to meet the expanding demand for housing, retail spaces, and industrial areas. Additionally, urbanization leads to an increase in disposable income, further boosting the demand for better housing options and modern amenities. For instance, in October 2021, the Reserve Bank of India (RBI) stated that the benchmark interest rate would remain at 4%, providing a substantial boost to the country's real estate sector. Low house loan interest rates are predicted to fuel housing demand and boost sales by 35-40% during the holiday season of 2021

Economic Expansion and Rising Income Levels to Drive Market Growth

The overall economic expansion in many countries is another key driver for the real estate market. As economies grow, the demand for residential, commercial, and industrial properties rises in tandem. Rising income levels also contribute to increased purchasing power, allowing more people to invest in homes and businesses. Furthermore, a strong economy often leads to higher investor confidence, attracting more capital into the real estate sector. The construction of new infrastructure projects such as highways, airports, and transport systems also fuels further demand for real estate, thereby benefiting the market.

Restraint Factor for the Real Estate Sector Market

High Construction Costs, will Limit Market Growth

One of the significant restraints in the real estate sector is the rising cost of construction materials and labor. The volatility in the prices of raw materials such as steel, cement, and timber, combined with labor shortages, leads to higher construction costs, which can delay projects and reduce profit margins. Additionally, increased costs can make property prices unaffordable for potential buyers, thus slowing the pace of development. This situation is exacerbated by global supply chain disruptions and inflationary pressures, which negatively affect the overall cost structure in real estate development. Developers must navigate these challenges while maintaining competitive pricing to ensure market viability.

Impact of Covid-19 on the Real Estate Sector Market

Covid-19 pandemic significantly impacted the real estate sector, leading to shifts in both demand and operational dynamics. During the early phases of the pandemic, lockdowns and economic uncertainties caused a slowdown in construction activities, delays in project completions, and a decline in property transactions. The residential market experienced a surge in demand for larger homes and properties in suburban areas as people ...

Housing Starts in the United States increased to 1321 Thousand units in June from 1263 Thousand units in May of 2025. This dataset provides the latest reported value for - United States Housing Starts - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Key information about House Prices Growth

• Indonesia house prices grew 1.4% YoY in Dec 2024, following an increase of 1.5% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Mar 2003 to Dec 2024, with an average growth rate of 3.1%.
• House price data reached an all-time high of 13.5% in Sep 2013 and a record low of 1.0% in Jun 2021.

CEIC calculates House Prices Growth from quarterly Residential Property Price Index. Bank Indonesia provides Residential Property Price Index with base 2018=100. House Prices Growth covers 18 major cities. House Prices Growth prior to Q1 2019 is calculated from House Price Index with base 2002=100. House Prices Growth prior to Q1 2013 covers 14 major cities.

The U.S. mortgage market has declined notably since 2020 and 2021, mostly due to the effect of higher borrowing costs on refinance mortgages. The value of refinancing mortgage originations, amounted to 190 billion U.S. dollars in the fourth quarter of 2024, down from a peak of 851 billion U.S. dollars in the fourth quarter of 2020. The value of mortgage loans for the purchase of a property recorded milder fluctuations, with a value of 304 billion U.S. dollars in the fourth quarter of 2024. According to the forecast, mortgage lending is expected to slightly increase until the end of 2026. The cost of mortgage borrowing in the U.S. Mortgage interest rates in the U.S. rose dramatically in 2022, peaking in the final quarter of 2024. In 2020, a homebuyer could lock in a 30-year fixed interest rate of under three percent, whereas in 2024, the average rate for the same mortgage type exceeded 6.6 percent. This has led to a decline in homebuyer sentiment, and an increasing share of the population pessimistic about buying a home in the current market. The effect of a slower housing market on property prices and rents According to the S&P/Case Shiller U.S. National Home Price Index, housing prices experienced a slight correction in early 2023, as property transactions declined. Nevertheless, the index continued to grow in the following months. On the other hand, residential rents have increased steadily since 2000.

The average listing price in a given market during the specified month.

With the release of its September 2022 housing trends report, Realtor.com® incorporated a new and improved methodology for capturing and reporting housing inventory trends and metrics. The new methodology updates and improves the calculation of time on market and improves handling of duplicate listings. Most areas across the country will see minor changes with a smaller handful of areas seeing larger updates. As a result of these changes, the data released since October 2022 will not be directly comparable with previous data releases (files downloaded before October 2022) and Realtor.com® economics blog posts. However, future data releases, including historical data, will consistently apply the new methodology. More details are available at the source's Real Estate Data Library (https://www.realtor.com/research/data/).

With the release of its November 2021 housing trends report, Realtor.com® incorporated a new and improved methodology for capturing and reporting housing inventory trends and metrics. The new methodology uses the latest and most accurate data mapping of listing statuses to yield a cleaner and more consistent measurement of active listings at both the national and local level. The methodology has also been adjusted to better account for missing data in some fields including square footage. Most areas across the country will see minor changes with a smaller handful of areas seeing larger updates. As a result of these changes, the data released since December 2021 will not be directly comparable with previous data releases (files downloaded before December 2021) and Realtor.com® economics blog posts. However, future data releases, including historical data, will consistently apply the new methodology. More details are available at the source's Real Estate Data Library (https://www.realtor.com/research/data/).

Graph and download economic data for Average Sales Price of Houses Sold for the United States (ASPUS) from Q1 1963 to Q1 2025 about sales, housing, and USA.

Housing Index in Hong Kong decreased to 136.44 points in July 13 from 136.68 points in the previous week. This dataset provides - Hong Kong House Price Index - actual values, historical data, forecast, chart, statistics, economic calendar and news.

China Property Price: YTD Avg: Overall data was reported at 9,510.153 RMB/sq m in Mar 2025. This records a decrease from the previous number of 9,547.228 RMB/sq m for Feb 2025. China Property Price: YTD Avg: Overall data is updated monthly, averaging 5,157.474 RMB/sq m from Dec 1995 (Median) to Mar 2025, with 352 observations. The data reached an all-time high of 11,029.538 RMB/sq m in Feb 2021 and a record low of 599.276 RMB/sq m in Feb 1996. China Property Price: YTD Avg: Overall data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Price – Table CN.PD: NBS: Property Price: Monthly.

Key information about House Prices Growth

• Australia house prices grew 2.9% YoY in Dec 2024, following an increase of 5.8% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Sep 2004 to Dec 2024, with an average growth rate of 5.8%.
• House price data reached an all-time high of 24.1% in Dec 2021 and a record low of -6.1% in Mar 2019.

CEIC calculates quarterly House Price Index Growth from quarterly Residential Dwellings: Mean Price of Eight Capital Cities. The Australian Bureau of Statistics provides Residential Dwellings: Mean Price of Eight Capital Cities in local currency. House Price Index Growth prior to Q3 2012 is calculated from Residential Property Price Index: Weighted Average of Eight Capital Cities.

Latin America Clutch Housing Market is expected to grow during 2025-2031