100+ datasets found
  1. Average sales price of new homes sold in the U.S. 1965-2024

    • statista.com
    • ai-chatbox.pro
    Updated Jan 30, 2025
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    Statista (2025). Average sales price of new homes sold in the U.S. 1965-2024 [Dataset]. https://www.statista.com/statistics/240991/average-sales-prices-of-new-homes-sold-in-the-us/
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    Dataset updated
    Jan 30, 2025
    Dataset authored and provided by
    Statistahttp://statista.com/
    Area covered
    United States
    Description

    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.

  2. F

    Average Sales Price of Houses Sold for the United States

    • fred.stlouisfed.org
    json
    Updated Apr 23, 2025
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    (2025). Average Sales Price of Houses Sold for the United States [Dataset]. https://fred.stlouisfed.org/series/ASPUS
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    jsonAvailable download formats
    Dataset updated
    Apr 23, 2025
    License

    https://fred.stlouisfed.org/legal/#copyright-public-domainhttps://fred.stlouisfed.org/legal/#copyright-public-domain

    Area covered
    United States
    Description

    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.

  3. Median home price in California 2012-2023

    • statista.com
    Updated Jul 9, 2025
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    Statista (2025). Median home price in California 2012-2023 [Dataset]. https://www.statista.com/statistics/219040/average-property-price-in-california/
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    Dataset updated
    Jul 9, 2025
    Dataset authored and provided by
    Statistahttp://statista.com/
    Area covered
    United States
    Description

    The median house price of residential real estate in California has increased notably since 2012. After a brief correction in property prices in 2022, the median price reached ******* U.S. dollars in December 2023.

  4. Average house price in Belgium 2013-2022

    • statista.com
    Updated May 15, 2023
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    Statista (2023). Average house price in Belgium 2013-2022 [Dataset]. https://www.statista.com/statistics/666792/average-housing-prices-in-belgium/
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    Dataset updated
    May 15, 2023
    Dataset authored and provided by
    Statistahttp://statista.com/
    Area covered
    Belgium
    Description

    What is the price of a house in Belgium? In 2022, a house in Belgium would cost approximately 319,000 euros. However, that there are large price differences between the three Belgian regions. A house in the Brussels Capital-Region (the city of Brussels along and its surrounding villages) cost about double the price of a house in Wallonia. Of the Belgian provinces, houses in Hainaut were the cheapest. The ranking shown here only includes what in Flemish Dutch is referred to as “woonhuizen” and as “maisons” in French and therefore does not include apartments.

    How much is an apartment in Belgium?

    In 2022, an apartment in Belgium would cost approximately 260,000 euros. Apartment prices increased by about four percent compared to 2021, which was lower than the house prices (eight percent).

    Is residential property in Belgium expensive when compared to the rest of Europe?

    The house price index (HPI) of Belgium did not increase as fast as that of other European countries in 2022. Residential property in Belgium (which includes both newly constructed as well as existing property) increased by six percent between the second quarter of 2021 and the second quarter of 2022, whereas prices in Estonia and Czechia increased by more than 20 percent.

  5. Average price of newly built houses in the UK 2013-2023, per quarter

    • statista.com
    Updated Jan 30, 2025
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    Statista (2025). Average price of newly built houses in the UK 2013-2023, per quarter [Dataset]. https://www.statista.com/statistics/289133/uk-housing-market-nationwide-new-house-prices/
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    Dataset updated
    Jan 30, 2025
    Dataset authored and provided by
    Statistahttp://statista.com/
    Area covered
    United Kingdom
    Description

    The Nationwide average UK house price increased overall during the period under observation, reaching a value of almost 296,000 British pounds in the fourth quarter of 2023. This was a slight increase from the previous year, when the average newly built house cost 292,000 British pounds. Nevertheless, this figure was lower than in the third quarter of 2023, when the average price exceeded 300,000 British pounds.

  6. United States Median Home Sale Price: All Residential: Champaign, IL

    • ceicdata.com
    Updated Sep 11, 2020
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    CEICdata.com (2020). United States Median Home Sale Price: All Residential: Champaign, IL [Dataset]. https://www.ceicdata.com/en/united-states/median-home-sale-price-by-metropolitan-areas
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    Dataset updated
    Sep 11, 2020
    Dataset provided by
    CEIC Data
    License

    Attribution 4.0 (CC BY 4.0)https://creativecommons.org/licenses/by/4.0/
    License information was derived automatically

    Time period covered
    Aug 1, 2019 - Jul 1, 2020
    Area covered
    United States
    Description

    Median Home Sale Price: All Residential: Champaign, IL data was reported at 173.000 USD th in Jul 2020. This records a decrease from the previous number of 175.000 USD th for Jun 2020. Median Home Sale Price: All Residential: Champaign, IL data is updated monthly, averaging 146.500 USD th from Feb 2012 (Median) to Jul 2020, with 102 observations. The data reached an all-time high of 175.000 USD th in Jun 2020 and a record low of 106.000 USD th in Jan 2013. Median Home Sale Price: All Residential: Champaign, IL 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.

  7. b

    Median Price of Homes Sold

    • data.baltimorecity.gov
    • vital-signs-bniajfi.hub.arcgis.com
    • +2more
    Updated Mar 24, 2020
    + more versions
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    Baltimore Neighborhood Indicators Alliance (2020). Median Price of Homes Sold [Dataset]. https://data.baltimorecity.gov/maps/eb55867e580740228b0d4317464ea040
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    Dataset updated
    Mar 24, 2020
    Dataset authored and provided by
    Baltimore Neighborhood Indicators Alliance
    Area covered
    Description

    The median home sales price is the middle value of the prices for which homes are sold (both market and private transactions) within a calendar year. The median value is used as opposed to the average so that both extremely high and extremely low prices do not distort the prices for which homes are sold. This measure does not take into account the assessed value of a property.Source: First American Real Estate Solutions (FARES) and RBIntel (2022-forward)Years Available: 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2022, 2023

  8. United States Median Home Sale Price: All Residential: Columbus, OH

    • ceicdata.com
    Updated Sep 11, 2020
    + more versions
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    CEICdata.com (2020). United States Median Home Sale Price: All Residential: Columbus, OH [Dataset]. https://www.ceicdata.com/en/united-states/median-home-sale-price-by-metropolitan-areas
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    Dataset updated
    Sep 11, 2020
    Dataset provided by
    CEIC Data
    License

    Attribution 4.0 (CC BY 4.0)https://creativecommons.org/licenses/by/4.0/
    License information was derived automatically

    Time period covered
    Aug 1, 2019 - Jul 1, 2020
    Area covered
    United States
    Description

    Median Home Sale Price: All Residential: Columbus, OH data was reported at 255.000 USD th in Jul 2020. This records an increase from the previous number of 250.000 USD th for Jun 2020. Median Home Sale Price: All Residential: Columbus, OH data is updated monthly, averaging 172.000 USD th from Feb 2012 (Median) to Jul 2020, with 102 observations. The data reached an all-time high of 255.000 USD th in Jul 2020 and a record low of 122.000 USD th in Jan 2013. Median Home Sale Price: All Residential: Columbus, OH 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.

  9. e

    Existing homes for sale; demand price, supply time 2013-2016

    • data.europa.eu
    atom feed, json
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    Existing homes for sale; demand price, supply time 2013-2016 [Dataset]. https://data.europa.eu/data/datasets/2198-bestaande-woningen-in-verkoop-vraagprijs-aanbodtijd-2013-2016?locale=en
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    json, atom feedAvailable download formats
    License

    Attribution 4.0 (CC BY 4.0)https://creativecommons.org/licenses/by/4.0/
    License information was derived automatically

    Description

    This table provides insight into the evolution of the number of existing homes for sale by asking price class and use area class.Furthermore, the table for these houses contains the average supply time by asking price range and the average asking price by area class. The average asking price per m² is shown in the table for the properties for sale, new for sale and the properties from sale. Of the homes from sale, the numbers and the average supply time are also included.

    These are homes that are offered for sale on the internet. The houses are only taken into account if they occur in the housing stock on 1 January of the reporting year.The table provides information on the properties for sale at the end of a period (quarterly), on the homes that were newly sold during the period in question and on the properties sold or withdrawn from the sale. The figures are broken down by housing type.

    Data available from: 1st quarter 2013

    Status of the figures: The data is final. Changes as of 31 January 2020: None, this table has been discontinued.

    When are new figures coming? No longer applicable.

    Due to the loss of funding, new data will no longer be available for this statistics from 1 January 2017.For more information see the link in paragraph 3.Furthermore, the table for these houses contains the average supply time by asking price range and the average asking price by area class. The average asking price per m² is shown in the table for the properties for sale, new for sale and the properties from sale. Of the homes from sale, the numbers and the average supply time are also included. These are homes that are offered for sale on the internet. The houses are only taken into account if they occur in the housing stock on 1 January of the reporting year. The table provides information on the properties for sale at the end of a period (quarterly), on the homes that were newly sold during the period in question and on the properties sold or withdrawn from the sale.The figures are broken down by housing type.

    Data available from: 1st quarter 2013 Status of the figures:

    The data is final.

    Changes as of 31 January 2020:

    None, this table has been discontinued.

    When are new figures coming?

    No longer applicable.

    Due to the loss of funding, new data will no longer be available for this statistics from 1 January 2017. For more information see the link in paragraph 3.

  10. United States Median Home Sale Price: All Residential: Baton Rouge, LA

    • ceicdata.com
    Updated Sep 11, 2020
    + more versions
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    CEICdata.com (2020). United States Median Home Sale Price: All Residential: Baton Rouge, LA [Dataset]. https://www.ceicdata.com/en/united-states/median-home-sale-price-by-metropolitan-areas
    Explore at:
    Dataset updated
    Sep 11, 2020
    Dataset provided by
    CEIC Data
    License

    Attribution 4.0 (CC BY 4.0)https://creativecommons.org/licenses/by/4.0/
    License information was derived automatically

    Time period covered
    Aug 1, 2019 - Jul 1, 2020
    Area covered
    United States
    Description

    Median Home Sale Price: All Residential: Baton Rouge, LA data was reported at 222.000 USD th in Jul 2020. This records an increase from the previous number of 215.000 USD th for Jun 2020. Median Home Sale Price: All Residential: Baton Rouge, LA data is updated monthly, averaging 187.000 USD th from Feb 2012 (Median) to Jul 2020, with 102 observations. The data reached an all-time high of 222.000 USD th in Jul 2020 and a record low of 162.000 USD th in Jan 2013. Median Home Sale Price: All Residential: Baton Rouge, LA 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.

  11. d

    Data from: Happiness and House Prices in Canada: 2009-2013

    • search.dataone.org
    Updated Nov 21, 2023
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    Hussaun A. Syed (2023). Happiness and House Prices in Canada: 2009-2013 [Dataset]. http://doi.org/10.7910/DVN/VQQHCI
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    Dataset updated
    Nov 21, 2023
    Dataset provided by
    Harvard Dataverse
    Authors
    Hussaun A. Syed
    Description

    The purpose of this study was to understand the relationship between happiness and housing prices in Canada. The happiness data were obtained from the General Social Survey between 2009 and 2013, asking respondents to report overall happiness level by using scale ranging between 1 to 10 points. House Price Indexes at the provincial level were constructed to cover the same period. The relationship between average house price change and average happiness was estimated using Ordinary Least Square and Logistic Regression techniques. Individual's characteristics were used as control variables. The study found that average happiness level is positively and significantly related to the change in housing prices for one group and not for another - for homeowners but not for renters. In addition, individuals with better health are much happier than individuals with poor health. Similarly, individuals with higher income are happier than individuals with less income. The implication of this study is that the government should design attractive policies to encourage homeownerships.

  12. Average cost of remodeling projects in the U.S. 2013

    • statista.com
    Updated Jan 31, 2014
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    Statista (2014). Average cost of remodeling projects in the U.S. 2013 [Dataset]. https://www.statista.com/statistics/377446/us-remodeling-market-average-project-costs/
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    Dataset updated
    Jan 31, 2014
    Dataset authored and provided by
    Statistahttp://statista.com/
    Time period covered
    2013
    Area covered
    United States
    Description

    This statistic depicts the average costs of remodeling projects in the United States in 2013. In that year, minor kitchen remodeling projects would cost about 18,856 U.S. dollars.

  13. Netherlands House Prices Growth

    • ceicdata.com
    • dr.ceicdata.com
    Updated Sep 15, 2021
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    CEICdata.com (2021). Netherlands House Prices Growth [Dataset]. https://www.ceicdata.com/en/indicator/netherlands/house-prices-growth
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    Dataset updated
    Sep 15, 2021
    Dataset provided by
    CEIC Data
    License

    Attribution 4.0 (CC BY 4.0)https://creativecommons.org/licenses/by/4.0/
    License information was derived automatically

    Time period covered
    Feb 1, 2024 - Jan 1, 2025
    Area covered
    Netherlands
    Description

    Key information about House Prices Growth

    • Netherlands house prices grew 11.5% YoY in Jan 2025, following an increase of 10.9% YoY in the previous month.
    • YoY growth data is updated monthly, available from Jan 1996 to Jan 2025, with an average growth rate of 4.7%.
    • House price data reached an all-time high of 20.9% in Jan 2022 and a record low of -9.6% in Jan 2013.

    CEIC calculates House Prices Growth from monthly House Price Index. 2.Statistics Netherlands provides House Price Index with base 2020=100.

  14. T

    United States House Price Index YoY

    • tradingeconomics.com
    • fa.tradingeconomics.com
    • +13more
    csv, excel, json, xml
    Updated May 27, 2025
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    TRADING ECONOMICS (2025). United States House Price Index YoY [Dataset]. https://tradingeconomics.com/united-states/house-price-index-yoy
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    json, excel, xml, csvAvailable download formats
    Dataset updated
    May 27, 2025
    Dataset authored and provided by
    TRADING ECONOMICS
    License

    Attribution 4.0 (CC BY 4.0)https://creativecommons.org/licenses/by/4.0/
    License information was derived automatically

    Time period covered
    Jan 31, 1992 - Apr 30, 2025
    Area covered
    United States
    Description

    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.

  15. B

    Brazil FipeZap House Asking Price Index: Sales: Average Price: Goiânia: 3...

    • ceicdata.com
    Updated Jul 26, 2019
    + more versions
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    CEICdata.com (2019). Brazil FipeZap House Asking Price Index: Sales: Average Price: Goiânia: 3 Bedrooms [Dataset]. https://www.ceicdata.com/zh-hans/brazil/real-estate-fipezap-house-asking-price-index-sales-average-price/fipezap-house-asking-price-index-sales-average-price-goinia-3-bedrooms
    Explore at:
    Dataset updated
    Jul 26, 2019
    Dataset provided by
    CEICdata.com
    License

    Attribution 4.0 (CC BY 4.0)https://creativecommons.org/licenses/by/4.0/
    License information was derived automatically

    Time period covered
    Jul 1, 2018 - Jun 1, 2019
    Area covered
    Brazil
    Description

    Brazil FipeZap House Asking Price Index: Sales: Average Price: Goiânia: 3 Bedrooms data was reported at 4,117.198 BRL/sq m in Jun 2019. This records a decrease from the previous number of 4,146.292 BRL/sq m for May 2019. Brazil FipeZap House Asking Price Index: Sales: Average Price: Goiânia: 3 Bedrooms data is updated monthly, averaging 4,081.085 BRL/sq m from Dec 2013 (Median) to Jun 2019, with 67 observations. The data reached an all-time high of 4,163.891 BRL/sq m in Apr 2019 and a record low of 3,543.772 BRL/sq m in Dec 2013. Brazil FipeZap House Asking Price Index: Sales: Average Price: Goiânia: 3 Bedrooms data remains active status in CEIC and is reported by Institute of Economic Research Foundation. The data is categorized under Brazil Premium Database’s Construction and Properties Sector – Table BR.EK010: Real Estate: FipeZap House Asking Price Index: Sales: Average Price.

  16. e

    Existing homes for sale; key figures, region 2013-2016

    • data.europa.eu
    • ckan.mobidatalab.eu
    atom feed, json
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    Existing homes for sale; key figures, region 2013-2016 [Dataset]. https://data.europa.eu/data/datasets/2197-bestaande-woningen-in-verkoop-kerncijfers-regio-2013-2016?locale=en
    Explore at:
    json, atom feedAvailable download formats
    License

    Attribution 4.0 (CC BY 4.0)https://creativecommons.org/licenses/by/4.0/
    License information was derived automatically

    Description

    This table provides insight into the number of existing homes for sale, the average supply time and the average asking price per house and per m². These are homes that are offered for sale on the internet. The houses are only taken into account if they occur in the housing stock on 1 January of the reporting year. The figures are broken down by housing type. The table contains information on the purchase offer at the end of a period. Homes that are sold within one calendar month will not be counted. The data will be further broken down by parts of the country, provinces, COROP areas and 4 largest municipalities.

    As of reporting year 2016, CBS will no longer publish data on metropolitan agglomerations and urban regions. Due to various social developments, the philosophy and method underlying the demarcation are no longer topical. In addition, it appears that, depending on the scope of application, other authorities use a different classification of metropolitan agglomerations and urban regions, which means that it is no longer possible to speak of a single standard.

    Data available from February 2013 to December 2016.

    Status of the figures: The data is final.

    Changes as of 31 January 2020: None, this table has been discontinued. For all months, only homes that appear in the BAG on 1 January 2016 are included with the status ‘in use’. The December figures have been corrected to: homes that will be offered again on the internet within four weeks. These are considered to have been on sale throughout the period.

    When are new figures coming? No longer applicable. Due to the loss of funding, new data will no longer be available for this statistics from 1 January 2017. For more information see the link in paragraph 3.

  17. F

    All-Transactions House Price Index for Michigan

    • fred.stlouisfed.org
    json
    Updated May 27, 2025
    + more versions
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    (2025). All-Transactions House Price Index for Michigan [Dataset]. https://fred.stlouisfed.org/series/MISTHPI
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    jsonAvailable download formats
    Dataset updated
    May 27, 2025
    License

    https://fred.stlouisfed.org/legal/#copyright-public-domainhttps://fred.stlouisfed.org/legal/#copyright-public-domain

    Area covered
    Michigan
    Description

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

  18. w

    BIS quarterly construction price and cost indices: quarter 4 2013

    • gov.uk
    Updated Mar 18, 2014
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    Department for Business, Innovation & Skills (2014). BIS quarterly construction price and cost indices: quarter 4 2013 [Dataset]. https://www.gov.uk/government/statistics/bis-quarterly-construction-price-and-cost-indices-quarter-4-2013
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    Dataset updated
    Mar 18, 2014
    Dataset provided by
    GOV.UK
    Authors
    Department for Business, Innovation & Skills
    Description

    Headline results:

    The BIS Output Price Index for New Construction (2010): All New Construction for 4th quarter 2013 increased by 0.9% on the previous quarter and by 4.2% year-on-year. Above average increases in output prices were noted in 2 new work sectors, namely Private Housing and Private Commercial.

    The BIS Output Price Index for Repair and Maintenance Construction (2010): All Repair and Maintenance for 4th quarter 2013 increased by 0.7% on the previous quarter and by 3.0% year-on-year. Much of the increase was accounted for by rises in the Private Housing Repair and Maintenance sector which saw above average output price increases of 3.2% year-on-year.

    The BIS Tender Price Index for Public Sector Non-Housing (PUBSEC) 4th quarter 2013 declined by 1.1% on the previous quarter, although remained unchanged year-on-year. The BIS Tender Price Index of Social Housing (TPISH) 4th quarter 2014 increased by 0.5% on the previous quarter and by 3.2% year-on-year.

    The BIS Resource Cost Indices in 4th quarter 2013 exhibited relatively stable input costs in building, housing and non-housing sectors. However, the BIS Resource Cost Index of Road Construction (ROCOS) declined by 0.4% on the previous quarter although increased by 0.8% year-on-year, while the BIS Resource Cost Index of Infrastructure (FOCOS) declined by 0.5% on the previous quarter and increased by 0.9% year-on-year.

  19. Average housing prices in Belgium 2013-2022, by region

    • statista.com
    Updated Jul 10, 2025
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    Statista (2025). Average housing prices in Belgium 2013-2022, by region [Dataset]. https://www.statista.com/statistics/666828/average-housing-prices-in-belgium-by-region/
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    Dataset updated
    Jul 10, 2025
    Dataset authored and provided by
    Statistahttp://statista.com/
    Area covered
    Belgium
    Description

    The average price of houses in Flanders, Wallonia and the Brussels Capital Region were very different from each other in 2022. That year, a house in the Flemish region was around ******* euros. Belgium has four governments, one national and three regional: Dutch-speaking Flanders, French-speaking Wallonia and the Brussels Capital Region (the city of Brussels along with its surrounding villages). All four areas operate independently from each other. House prices in Belgium have risen in recent years, but the increase has been milder than in the Netherlands and Luxembourg.

  20. Indonesia House Prices Growth

    • ceicdata.com
    • dr.ceicdata.com
    Updated Sep 15, 2021
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    CEICdata.com (2021). Indonesia House Prices Growth [Dataset]. https://www.ceicdata.com/en/indicator/indonesia/house-prices-growth
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    Dataset updated
    Sep 15, 2021
    Dataset provided by
    CEIC Data
    License

    Attribution 4.0 (CC BY 4.0)https://creativecommons.org/licenses/by/4.0/
    License information was derived automatically

    Time period covered
    Mar 1, 2022 - Dec 1, 2024
    Area covered
    Indonesia
    Description

    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.

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Statista (2025). Average sales price of new homes sold in the U.S. 1965-2024 [Dataset]. https://www.statista.com/statistics/240991/average-sales-prices-of-new-homes-sold-in-the-us/
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Average sales price of new homes sold in the U.S. 1965-2024

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2 scholarly articles cite this dataset (View in Google Scholar)
Dataset updated
Jan 30, 2025
Dataset authored and provided by
Statistahttp://statista.com/
Area covered
United States
Description

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.

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