The average price per square foot of floor space in new single-family housing in the United States decreased after the great financial crisis, followed by several years of stagnation. Since 2012, the price has continuously risen, hitting *** U.S. dollars per square foot in 2022. In 2024, the average sales price of a new home exceeded ******* U.S. dollars. Development of house sales in the U.S. One of the reasons for rising property prices is the gradual growth of house sales between 2011 and 2020. This period was marked by the gradual recovery following the subprime mortgage crisis and a growing housing sentiment. Another significant factor for the housing demand was the growing number of new household formations each year. Despite this trend, housing transactions plummeted in 2021, amid soaring prices and borrowing costs. In 2021, the average construction cost for single-family housing rose by nearly ** percent year-on-year, and in 2022, the increase was even higher, at close to ** percent. Financing a house purchase Mortgage interest rates in the U.S. rose dramatically in 2022 and remained elevated until 2024. In 2020, a homebuyer could lock in a 30-year fixed interest rate of under ***** percent, whereas in 2024, the average rate for the same mortgage type was more than twice higher. That 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 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.

United States Median Existing Home Price: MA: Los Angeles-Long Beach-Santa Ana data was reported at 628.900 USD th in Sep 2018. This records an increase from the previous number of 557.200 USD th for Jun 2018. United States Median Existing Home Price: MA: Los Angeles-Long Beach-Santa Ana data is updated quarterly, averaging 296.880 USD th from Mar 1989 (Median) to Sep 2018, with 119 observations. The data reached an all-time high of 628.900 USD th in Sep 2018 and a record low of 167.100 USD th in Dec 1996. United States Median Existing Home Price: MA: Los Angeles-Long Beach-Santa Ana data remains active status in CEIC and is reported by National Association of Realtors. The data is categorized under Global Database’s United States – Table US.EB007: Median Existing Home Price: by Metropolitan Area.

United States Median Existing Home Price: MA: Worcester data was reported at 248.000 USD th in Mar 2018. This records a decrease from the previous number of 255.300 USD th for Dec 2017. United States Median Existing Home Price: MA: Worcester data is updated quarterly, averaging 213.500 USD th from Mar 1989 (Median) to Mar 2018, with 110 observations. The data reached an all-time high of 296.600 USD th in Sep 2005 and a record low of 120.800 USD th in Mar 1996. United States Median Existing Home Price: MA: Worcester data remains active status in CEIC and is reported by National Association of Realtors. The data is categorized under Global Database’s USA – Table US.EB007: Median Existing Home Price: by Metropolitan Area.

How many households are in the U.S.?

In 2023, there were 131.43 million households in the United States. This is a significant increase from 1960, when there were 52.8 million households in the U.S.

What counts as a household?

According to the U.S. Census Bureau, a household is considered to be all persons living within one housing unit. This includes apartments, houses, or single rooms, and consists of both related and unrelated people living together. For example, two roommates who share a living space but are not related would be considered a household in the eyes of the Census. It should be noted that group living quarters, such as college dorms, are not counted as households in the Census.

Household changes

While the population of the United States has been increasing, the average size of households in the U.S. has decreased since 1960. In 1960, there was an average of 3.33 people per household, but in 2023, this figure had decreased to 2.51 people per household. Additionally, two person households make up the majority of American households, followed closely by single-person households.

A groundbreaking HUD study documents the severe housing needs of the American Indian and Alaska Native (AIAN) population and calls for an increase in public and private investment to alleviate these conditions. Assessment of American Indian Housing Needs and Programs: Final Report is the most comprehensive examination of the housing needs of this group ever performed. It finds that the AIAN population faces more frequent -- and often more severe -- housing problems than the non-Indian population. The housing needs and underlying socioeconomic conditions of the more than 2 million Native Americans vary greatly across the States, cities, and the 508 federally recognized Tribal Areas where American Indians and Alaska Natives live.The intensity of AIAN housing needs and problems, particularly in Tribal Areas, is illustrated by the following:Fifteen percent of all AIAN households and 28 percent of AIAN households in Tribal Areas are either overcrowded or lack kitchen or plumbing facilities, as compared to the national average of 5 percent.Twenty-nine percent of all AIAN households and 44 percent in Tribal Areas have a housing affordability problem, as compared to the national average of 23 percent.If recent trends continue, the number of AIAN households in Tribal Areas that are overcrowded or have facility problems will grow by an estimated 3,700 per year in the 1990s.Federal housing programs have been a critical source of affordable housing for the AIAN population and will continue to be so. However, Federal assistance by itself never will be able to meet all AIAN housing needs, nor will it create a self-sustaining housing system, the report concludes. Because of this disparity, the report analyzes options for fostering private-sector housing finance institutions.

The number of members of the National Association of Realtors (NAR) in 2023 declined for the first time since 2012. This trend also reflects the recovery of the property market after the financial crisis of 2007-2009, as the volume of home sales began to climb from 2011. The NAR is a North American trade association for real estate workers formed in 1908 and currently based in Chicago, Illinois. In 2022, the association had nearly *** million members.Employment in the real estate sector The upward in NRA membership is mirrored in overall employment in the real estate sector in the United States. In 2023, *** million people were employed in the sector, which indicates that the majority of workers are members of the NAR. Employees in the real estate, rental, and leasing industry in the U.S. earned slightly above the average wage in the country. Membership growth ties in with growth in home sales The growth in NAR membership also correlates with the growth of residential property sales. For instance, the number of new houses sold in the U.S. has been on the rise since 2011. American adults as a whole have been steady in their view that homeownership is an important part of the American Dream. However, the share of American Millennials – those born between 1981 and 1996 - who view homeownership as important has been fluctuating since 2010. This adds an element of uncertainty to the future of the housing market because millennials are in their mid-twenties and thirties, which is widely viewed as the best time to buy a home from a home equity perspective.

Graph and download economic data for Condo Price Index for Los Angeles, California (LXXRCSA) from Jan 1995 to May 2025 about Los Angeles, HPI, housing, price index, indexes, price, and USA.