House prices grew year-on-year in most states in the U.S. in the third quarter of 2024. The District of Columbia was the only exception, with a decline of ***** percent. The annual appreciation for single-family housing in the U.S. was **** percent, while in Hawaii—the state where homes appreciated the most—the increase exceeded ** percent. How have home prices developed in recent years? House price growth in the U.S. has been going strong for years. In 2024, the median sales price of a single-family home exceeded ******* U.S. dollars, up from ******* U.S. dollars five years ago. One of the factors driving house prices was the cost of credit. The record-low federal funds effective rate allowed mortgage lenders to set mortgage interest rates as low as *** percent. With interest rates on the rise, home buying has also slowed, causing fluctuations in house prices. Why are house prices growing? Many markets in the U.S. are overheated because supply has not been able to keep up with demand. How many homes enter the housing market depends on the construction output, whereas the availability of existing homes for purchase depends on many other factors, such as the willingness of owners to sell. Furthermore, growing investor appetite in the housing sector means that prospective homebuyers have some extra competition to worry about. In certain metros, for example, the share of homes bought by investors exceeded ** percent in 2024.

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

Key information about House Prices Growth

• Mexico house prices grew 8.8% YoY in Dec 2024, following an increase of 9.2% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Mar 2006 to Dec 2024, with an average growth rate of 7.4%.
• House price data reached an all-time high of 11.7% in Mar 2023 and a record low of 2.2% in Jun 2010.

CEIC calculates House Price Growth from quarterly House Price Index. Federal Mortgage Society provides House Price Index with base 2017=100.

House Price Index YoY in the United States decreased to 3 percent in April from 3.90 percent in March of 2025. This dataset includes a chart with historical data for the United States FHFA House Price Index YoY.

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.

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.

The average sales price of new homes in the United States experienced a slight decrease in 2024, dropping to 512,2000 U.S. dollars from the peak of 521,500 U.S. dollars in 2022. This decline came after years of substantial price increases, with the average price surpassing 400,000 U.S. dollars for the first time in 2021. The recent cooling in the housing market reflects broader economic trends and changing consumer sentiment towards homeownership. Factors influencing home prices and affordability The rapid rise in home prices over the past few years has been driven by several factors, including historically low mortgage rates and increased demand during the COVID-19 pandemic. However, the market has since slowed down, with the number of home sales declining by over two million between 2021 and 2023. This decline can be attributed to rising mortgage rates and decreased affordability. The Housing Affordability Index hit a record low of 98.1 in 2023, indicating that the median-income family could no longer afford a median-priced home. Future outlook for the housing market Despite the recent cooling, experts forecast a potential recovery in the coming years. The Freddie Mac House Price Index showed a growth of 6.5 percent in 2023, which is still above the long-term average of 4.4 percent since 1990. However, homebuyer sentiment remains low across all age groups, with people aged 45 to 64 expressing the most pessimistic outlook. The median sales price of existing homes is expected to increase slightly until 2025, suggesting that affordability challenges may persist in the near future.

Key information about House Prices Growth

• Canada house prices grew 0.1% YoY in Jan 2025, following an increase of 0.1% YoY in the previous month.
• YoY growth data is updated monthly, available from Jan 1982 to Jan 2025, with an average growth rate of 1.8%.
• House price data reached an all-time high of 16.5% in Mar 1989 and a record low of -9.7% in Apr 1991.

CEIC calculates House Prices Growth from monthly House Price Index. Statistics Canada provides House Price Index with base December 2016=100. House Price Index covers New Housing only.

Graph and download economic data for Commercial Real Estate Prices for United States (COMREPUSQ159N) from Q1 2005 to Q3 2024 about real estate, commercial, rate, and USA.

Key information about House Prices Growth

• Switzerland house prices grew 0.9% YoY in Dec 2024, following an increase of 1.9% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Mar 1971 to Dec 2024, with an average growth rate of 2.4%.
• House price data reached an all-time high of 26.2% in Mar 1973 and a record low of -9.0% in Dec 1975.

CEIC calculates House Prices Growth from quarterly Real Estate Price Index. Swiss National Bank provides Real Estate Price Index with base Q1 2000=100. House Prices Growth covers single family homes only.

The residential real estate price index in the Philippines experienced a *** percent growth in comparison to the previous year. Housing prices in the country have been increasing year-on-year since 2017, except for 2021. The Residential Real Estate Price Index (RREPI) is used to measure the rate at which the price of residential properties changes over time. It is also an indicator to assess the country's real estate and credit market situation.

Key information about House Prices Growth

• Sweden house prices grew 2.6% YoY in Dec 2024, following an increase of 1.5% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Mar 1987 to Dec 2024, with an average growth rate of 7.1%.
• House price data reached an all-time high of 20.8% in Jun 1989 and a record low of -15.3% in Dec 1992.

CEIC calculates House Prices Growth from quarterly Real Estate Price Index. Statistics Sweden provides Real Estate Price Index with base 1981=100. House Prices Growth covers 1 or 2 dwelling buildings for permanent living only.

As of the first quarter of 2023, year-on-year real estate price increase was highest in Bengaluru and lowest in Chennai with 16.3 and 1.3 percent respectively. Followed by Bengaluru was Kochi and Delhi with an increase of 8.46 and 6.65 percent.

Key information about House Prices Growth

• Philippines house prices dropped 2.3% YoY in Sep 2024, following an increase of 2.7% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Mar 2015 to Sep 2024, with an average growth rate of 4.5%.
• House price data reached an all-time high of 26.6% in Jun 2020 and a record low of -9.4% in Jun 2021.

Bangko Sentral ng Pilipinas calculates House Price Growth from Residential Real Estate Price Index with base Q1 2014=100.

Graph and download economic data for Housing Inventory: Median Listing Price in Colorado (MEDLISPRICO) from Jul 2016 to Jun 2025 about CO, listing, median, price, and USA.

Graph and download economic data for All-Transactions House Price Index for California (CASTHPI) from Q1 1975 to Q1 2025 about appraisers, CA, HPI, housing, price index, indexes, price, and USA.

The average price of detached and duplex houses in the biggest cities in Germany varied between approximately ***** euros and 10,000 euros per square meter in 2024. Housing was most expensive in Munich, where the square meter price of houses amounted to ***** euros. Conversely, Berlin was most affordable, with the square meter price at ***** euros. How have German house prices evolved? House prices maintained an upward trend for more than a decade, with 2020 and 2021 experiencing exceptionally high growth rates. In 2021, the nominal year-on-year change exceeded 10 percent. Nevertheless, the second half of 2022 saw the market slowing, with the annual percentage change turning negative for the first time in 12 years. Another way to examine the price growth is through the house price index, which uses 2015 as a base. At its peak in 2022, the German house price index measured about *** percent, which means that a house bought in 2015 would have appreciated by ** percent. Is housing affordable in Germany? Housing affordability depends greatly on income: High-income areas often tend to have more expensive housing, which does not necessarily make them unaffordable. The house price to income index measures the development of the cost of housing relative to income. In the first quarter of 2024, the index value stood at ***, meaning that since 2015, house price growth has outpaced income growth by about ** percent. Compared with the average for the euro area, this value was lower.

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.

Graph and download economic data for All-Transactions House Price Index for Florida (FLSTHPI) from Q1 1975 to Q1 2025 about appraisers, FL, HPI, housing, price index, indexes, price, and USA.