In the United States, Hawaii was the state with the most expensive housing, with the typical value of single-family homes in the 35th to 65th percentile range exceeding 981,000 U.S. dollars. Unsurprisingly, Hawaii also ranked top as the state with the highest cost of living. Meanwhile, a property was the least expensive in West Virginia, where it cost under 167,000 U.S. dollars to buy the typical single-family home. Single-family home prices increased across most states in the United States between December 2023 and December 2024, except in Louisiana, Florida, and the District of Colombia. According to the Federal Housing Association, house appreciation in 13 states exceeded nine percent in 2023.

Graph and download economic data for Median Sales Price of Houses Sold for the United States (MSPUS) from Q1 1963 to Q4 2024 about sales, median, housing, and USA.

Key information about House Prices Growth

• US house prices grew 5.2% YoY in Sep 2024, following an increase of 6.2% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Mar 1992 to Sep 2024, with an average growth rate of 5.5%.
• House price data reached an all-time high of 17.7% in Sep 2021 and a record low of -12.4% in Dec 2008.

Mexico's housing market demonstrates significant regional price variations, with Mexico City emerging as the most expensive area for residential property in 2024. The capital city's average house price of 3.91 million Mexican pesos far exceeds the national average of 1.73 million pesos, highlighting the stark contrast in property values across the country. This disparity reflects broader economic and demographic trends shaping Mexico's real estate landscape. Sustained growth in housing prices The Mexican housing market has experienced substantial growth over the past decade, with home prices more than doubling since 2010. By the third quarter of 2023, the nominal house price index reached 255.54 points, representing a 146 percent increase from the baseline year. Even when adjusted for inflation, the real house price index showed a notable 40 percent growth, underscoring the market's resilience and attractiveness to investors. The mortgage market is dominated by three main player types: Infonavit, Fovissste, and commercial banks including Sofomes. In 2023, Infonavit, a scheme by Mexico's National Housing Fund Institute which provides lending to workers in the formal sector, was responsible for the majority of mortgages granted to individuals. Challenges in mortgage lending Despite the overall growth in housing prices, Mexico's mortgage market has faced challenges in recent years. The number of new mortgage loans granted has declined over the past decade, falling by approximately 200,000 loans between 2008 and 2023. This decrease in lending activity may be attributed to various factors, including economic uncertainties and changing consumer preferences. The state of Mexico, which is home to 13 percent of the country's population, likely plays a significant role in shaping these trends, given its large demographic influence on the national housing market.

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.

Graph and download economic data for Real Residential Property Prices for United States (QUSR628BIS) from Q1 1970 to Q3 2024 about residential, HPI, housing, real, price index, indexes, price, and USA.

House Price Index YoY in the United States remained unchanged at 4.80 percent in January. This dataset includes a chart with historical data for the United States FHFA House Price Index YoY.

Median Home Sale Price: All Residential: Bangor, ME data was reported at 164.000 USD th in Jul 2020. This records a decrease from the previous number of 181.000 USD th for Jun 2020. Median Home Sale Price: All Residential: Bangor, ME data is updated monthly, averaging 140.000 USD th from May 2015 (Median) to Jul 2020, with 63 observations. The data reached an all-time high of 181.000 USD th in Jun 2020 and a record low of 106.000 USD th in Feb 2017. Median Home Sale Price: All Residential: Bangor, ME data remains active status in CEIC and is reported by Redfin. The data is categorized under Global Database’s United States – Table US.EB056: Median Home Sale Price: by Metropolitan Areas.

The U.S. housing market has slowed, after 13 consecutive years of rising home prices. In 2021, house prices surged by an unprecedented 18 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 4.2 percent. That was lower than the long-term average of 4.4 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 2.96 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 389,000 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.

Median Home Sale Price: All Residential: Batavia, NY data was reported at 155.000 USD th in Jul 2020. This records an increase from the previous number of 130.000 USD th for Jun 2020. Median Home Sale Price: All Residential: Batavia, NY data is updated monthly, averaging 106.000 USD th from Feb 2012 (Median) to Jul 2020, with 102 observations. The data reached an all-time high of 155.000 USD th in Jul 2020 and a record low of 65.000 USD th in Feb 2012. Median Home Sale Price: All Residential: Batavia, NY data remains active status in CEIC and is reported by Redfin. The data is categorized under Global Database’s United States – Table US.EB056: Median Home Sale Price: by Metropolitan Areas.

Graph and download economic data for All-Transactions House Price Index for California (CASTHPI) from Q1 1975 to Q4 2024 about appraisers, CA, HPI, housing, price index, indexes, price, and USA.

House Price Index MoM in the United States decreased to 0.20 percent in January from 0.50 percent in December of 2024. This dataset includes a chart with historical data for the United States FHFA House Price Index MoM.

Median Home Sale Price: All Residential: Bennington, VT data was reported at 255.000 USD th in Jul 2020. This records a decrease from the previous number of 260.000 USD th for Jun 2020. Median Home Sale Price: All Residential: Bennington, VT data is updated monthly, averaging 200.000 USD th from Feb 2012 (Median) to Jul 2020, with 102 observations. The data reached an all-time high of 308.000 USD th in Mar 2020 and a record low of 143.000 USD th in Sep 2012. Median Home Sale Price: All Residential: Bennington, VT data remains active status in CEIC and is reported by Redfin. The data is categorized under Global Database’s United States – Table US.EB056: Median Home Sale Price: by Metropolitan Areas.

Median Home Sale Price: All Residential: Chico, CA data was reported at 375.000 USD th in Jul 2020. This records an increase from the previous number of 363.000 USD th for Jun 2020. Median Home Sale Price: All Residential: Chico, CA data is updated monthly, averaging 256.500 USD th from Feb 2012 (Median) to Jul 2020, with 102 observations. The data reached an all-time high of 375.000 USD th in Jul 2020 and a record low of 160.000 USD th in May 2012. Median Home Sale Price: All Residential: Chico, CA data remains active status in CEIC and is reported by Redfin. The data is categorized under Global Database’s United States – Table US.EB056: Median Home Sale Price: by Metropolitan Areas.

VITAL SIGNS INDICATOR Home Prices (EC7)

FULL MEASURE NAME Home Prices

LAST UPDATED August 2019

DESCRIPTION Home prices refer to the cost of purchasing one’s own house or condominium. While a significant share of residents may choose to rent, home prices represent a primary driver of housing affordability in a given region, county or city.

DATA SOURCE Zillow Median Sale Price (1997-2018) http://www.zillow.com/research/data/

Bureau of Labor Statistics: Consumer Price Index All Urban Consumers Data Table (1997-2018; specific to each metro area) http://data.bls.gov

CONTACT INFORMATION vitalsigns.info@bayareametro.gov

METHODOLOGY NOTES (across all datasets for this indicator) Median housing price estimates for the region, counties, cities, and zip code come from analysis of individual home sales by Zillow. The median sale price is the price separating the higher half of the sales from the lower half. In other words, 50 percent of home sales are below or above the median value. Zillow defines all homes as single-family residential, condominium, and co-operative homes with a county record. Single-family residences are detached, which means the home is an individual structure with its own lot. Condominiums are units that you own in a multi-unit complex, such as an apartment building. Co-operative homes are slightly different from condominiums where the homeowners own shares in the corporation that owns the building, not the actual units themselves.

For metropolitan area comparison values, the Bay Area metro area’s median home sale price is the population-weighted average of the nine counties’ median home prices. Home sales prices are not reliably available for Houston, because Texas is a non-disclosure state. For more information on non-disclosure states, see: http://www.zillow.com/blog/chronicles-of-data-collection-ii-non-disclosure-states-3783/

Inflation-adjusted data are presented to illustrate how home prices have grown relative to overall price increases; that said, the use of the Consumer Price Index does create some challenges given the fact that housing represents a major chunk of consumer goods bundle used to calculate CPI. This reflects a methodological tradeoff between precision and accuracy and is a common concern when working with any commodity that is a major component of CPI itself.

Housing Index in the United States increased to 436.50 points in January from 435.80 points in December of 2024. This dataset provides the latest reported value for - United States House Price Index MoM Change - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Graph and download economic data for Median Sales Price for New Houses Sold in the United States (MSPNHSUSA) from 1963 to 2024 about new, sales, median, housing, price, and USA.

Graph and download economic data for Housing Inventory: Median Listing Price in New York (MEDLISPRINY) from Jul 2016 to Feb 2025 about NY, listing, median, price, and USA.

Median Home Sale Price: All Residential: Alexander City, AL data was reported at 170.000 USD th in Jul 2020. This records an increase from the previous number of 114.000 USD th for Jun 2020. Median Home Sale Price: All Residential: Alexander City, AL data is updated monthly, averaging 117.500 USD th from Mar 2012 (Median) to Jul 2020, with 58 observations. The data reached an all-time high of 410.000 USD th in Aug 2012 and a record low of 7.000 USD th in Mar 2014. Median Home Sale Price: All Residential: Alexander City, AL data remains active status in CEIC and is reported by Redfin. The data is categorized under Global Database’s United States – Table US.EB056: Median Home Sale Price: by Metropolitan Areas.

Graph and download economic data for Housing Inventory: Median Listing Price Year-Over-Year in California (MEDLISPRIYYCA) from Jul 2017 to Feb 2025 about CA, listing, median, price, and USA.