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.

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.

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.