The number of home sales in the United States peaked in 2021 at almost seven million after steadily rising since 2018. Nevertheless, the market contracted in the following year, with transaction volumes falling to 4.8 million. Home sales remained muted in 2024, with a mild increase expected in 2025 and 2026. A major factor driving this trend is the unprecedented increase in mortgage interest rates due to high inflation. How have U.S. home prices developed over time? The average sales price of new homes has also been rising since 2011. Buyer confidence seems to have recovered after the property crash, which has increased demand for homes and also the prices sellers are demanding for homes. At the same time, the affordability of U.S. homes has decreased. Both the number of existing and newly built homes sold has declined since the housing market boom during the coronavirus pandemic. Challenges in housing supply The number of housing units in the U.S. rose steadily between 1975 and 2005 but has remained fairly stable since then. Construction increased notably in the 1990s and early 2000s, with the number of construction starts steadily rising, before plummeting amid the infamous housing market crash. Housing starts slowly started to pick up in 2011, mirroring the economic recovery. In 2022, the supply of newly built homes plummeted again, as supply chain challenges following the COVID-19 pandemic and tariffs on essential construction materials such as steel and lumber led to prices soaring.

Existing Home Sales in the United States increased to 4260 Thousand in February from 4090 Thousand in January of 2025. This dataset provides the latest reported value for - United States Existing Home Sales - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The number of U.S. home sales in the United States declined in 2023, after soaring in 2021. A total of four million transactions of existing homes, including single-family, condo, and co-ops, were completed in 2023, down from 6.12 million in 2021. According to the forecast, the housing market is forecast to head for recovery in 2025, despite transaction volumes are expected to remain below the long-term average. Why have home sales declined? The housing boom during the coronavirus pandemic has demonstrated that being a homeowner is still an integral part of the American dream. Nevertheless, sentiment declined in the second half of 2022 and Americans across all generations agreed that the time was not right to buy a home. A combination of factors has led to house prices rocketing and making homeownership unaffordable for the average buyer. A survey among owners and renters found that the high home prices and unfavorable economic conditions were the two main barriers to making a home purchase. People who would like to purchase their own home need to save up a deposit, have a good credit score, and a steady and sufficient income to be approved for a mortgage. In 2022, mortgage rates experienced the most aggressive increase in history, making the total cost of homeownership substantially higher. Only 15 percent of U.S. renters could afford to become homeowners and in metros with highly competitive housing markets such as Los Angeles, CA, and Urban Honolulu, HI, this share was below five percent. Are U.S. home prices expected to fall? The median sales price of existing homes stood at 387,000 U.S. dollars in 2023 and was forecast to increase slightly until 2025. The development of the S&P/Case Shiller U.S. National Home Price Index shows that home prices experienced seven consecutive months of decline between June 2022 and January 2023, but this trend reversed in the following months. Despite mild fluctuations throughout the year, home prices in many metros are forecast to continue to grow, albeit at a much slower rate.

New Home Sales in the United States increased to 676 Thousand units in February from 664 Thousand units in January of 2025. This dataset provides the latest reported value for - United States New Home Sales - 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 Existing Home Sales (EXHOSLUSM495S) from Feb 2024 to Feb 2025 about headline figure, sales, housing, and USA.

The number of pending home sales in the U.S. declined dramatically in the fourth quarter of 2021. In March 2024, the pending home sales index stood at 78.2 index points, just 8.2 index points above its lowest value recorded in April 2020 when the COVID-19 pandemic struck. The slowdown in buying activity was triggered by the aggressive mortgage interest rates hikes in response to the rising inflation. As it takes around four to eight weeks to finalize a home sale in the United States, the Pending Home Sales Index (PHSI) index is seen as a measure of consumer sentiment on buying a house and essentially provides an early outlook on what the actual sales of existing homes in the country might potentially look like.

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

Single Family Home Prices in the United States increased to 398400 USD in February from 393400 USD in January of 2025. This dataset provides - United States Existing Single Family Home Prices- actual values, historical data, forecast, chart, statistics, economic calendar and news.

The CoStar Commercial Repeat-Sales Index (CCRSI) for multifamily real estate in the United States started to decline in the second half of 2022, after more than a decade of steady growth. The index measures the development of sales prices of multifamily properties, with 2000 chosen as a base year. An index value of 200 means that sales prices have doubled since 2000. In March 2024, the value-weighed index, which is more representative of the high-value deals in core markets, hit 325 index points, down from a market peak of 416 in June 2022. The equal-weighed index is more influenced by the lower-priced deals that comprise the higher share of transactions. It stood at 438 index points in March 2024, down from a market peak of 503 in June 2022.

Graph and download economic data for Existing Single-Family Home Sales from Feb 2024 to Feb 2025 about 1-unit structures, family, sales, housing, and USA.

Forecast: Manufactured Home (Mobile Home) Sales in the US 2024 - 2028 Discover more data with ReportLinker!

Homes in San Jose, Hartford, and Washington, DC were the hottest housing markets in the United States in April 2024, when considering the time needed to sell a house. In San Jose, listings took on average 18 days to go to pending. Nationwide, the average number of days on market was 43 days.

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.

The number of existing homes for sale in the United States decreased overall since 2013, while the number of newly built homes for sale followed the opposite trend. As of June 2024, there were over 1.3 million existing and 476,000 newly built housing units for sale. Unlike new homes, the existing housing inventory typically increased in the second and third quarters of the year when the housing market is more active.

As the U.S. housing market slowed, the proportion of properties sold above the list price declined slightly from the 2022 peak. A record high share of homes sold for more than the list price in May 2022, as bidding wars broke out among homebuyers. This trend developed as the real estate market witnessed an uptick in sales during 2020 - as can be seen in an index for pending home sales during the COVID-19 pandemic - alongside growing issues on the supply end. Home inventory in several U.S. cities, for instance, amid growing shortages of building materials. In September 2024, the share of homes sold above the list price amounted to 28 percent.

New Home Sales MoM in the United States increased to 1.80 percent in February from -6.90 percent in January of 2025. This dataset includes a chart with historical data for the United States New Home Sales MoM.

Average House Prices in the United States increased to 510000 USD in January from 509700 USD in December of 2024. This dataset includes a chart with historical data for the United States New Home Average Sales Price.

Graph and download economic data for New One Family Houses Sold: United States (HSN1FA) from 1963 to 2024 about 1-unit structures, family, new, sales, housing, and USA.

Graph and download economic data for Existing Home Sales: Housing Inventory (HOSINVUSM495N) from Feb 2024 to Feb 2025 about inventories, sales, 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.