Graph and download economic data for Median Sales Price of Houses Sold for the United States (MSPUS) from Q1 1963 to Q2 2025 about sales, median, housing, and USA.

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 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.

Key information about House Prices Growth

• US house prices grew 5.2% YoY in Dec 2024, following an increase of 5.4% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Mar 1992 to Dec 2024, with an average growth rate of 5.4%.
• House price data reached an all-time high of 17.7% in Sep 2021 and a record low of -12.4% in Dec 2008.

Graph and download economic data for Average Sales Price of Houses Sold for the United States (ASPUS) from Q1 1963 to Q2 2025 about sales, housing, and USA.

This statistic represents the projected size of the U.S. market for green single-family housing projects from 2005 through 2016. In 2008, this market was sized at approximately ** billion U.S. dollars.

Graph and download economic data for Housing Inventory: Median Days on Market in the United States (MEDDAYONMARUS) from Jul 2016 to Jun 2025 about median and USA.

In late 2016, the URA, in conjunction with Reinvestment Fund, completed the 2016 Market Value Analysis (MVA) for the City of Pittsburgh. The Market Value Analysis (MVA) offers an approach for community revitalization; it recommends applying interventions not only to where there is a need for development but also in places where public investment can stimulate private market activity and capitalize on larger public investment activities. The MVA is a unique tool for characterizing markets because it creates an internally referenced index of a municipality’s residential real estate market. It identifies areas that are the highest demand markets as well as areas of greatest distress, and the various markets types between. The MVA offers insight into the variation in market strength and weakness within and between traditional neighborhood boundaries because it uses Census block groups as the unit of analysis. Where market types abut each other on the map becomes instructive about the potential direction of market change, and ultimately, the appropriateness of types of investment or intervention strategies.

Pittsburgh’s 2016 MVA utilized data that helps to define the local real estate market between July, 2013 and June, 2016:

• Median Sales Price

• Variance of Sales Price

• Percent Households Owner Occupied

• Density of Residential Housing Units

• Percent Rental with Subsidy

• Foreclosures as a Percent of Sales

• Permits as a Percent of Housing Units

• Percent of Housing Units Built Before 1940

• Percent of Properties with Assessed Condition “Poor” or worse

• Vacant Housing Units as a Percentage of Habitable Units

The MVA uses a statistical technique known as cluster analysis, forming groups of areas (i.e., block groups) that are similar along the MVA descriptors, noted above. The goal is to form groups within which there is a similarity of characteristics within each group, but each group itself different from the others. Using this technique, the MVA condenses vast amounts of data for the universe of all properties to a manageable, meaningful typology of market types that can inform area-appropriate programs and decisions regarding the allocation of resources.

During the research process, staff from the URA and Reinvestment Fund spent an extensive amount of effort ensuring the data and analysis was accurate. In addition to testing the data, staff physically examined different areas to verify the data sets being used were appropriate indicators and the resulting MVA categories accurately reflect the market.

House Price Index YoY in the United States decreased to 2.80 percent in May from 3.20 percent in April of 2025. This dataset includes a chart with historical data for the United States FHFA House Price Index YoY.

Mexico was one of the economies where house prices increased the most between 2016 and 2024, rising by nearly ** percent during that period. The growth rate of housing prices from 2015 to 2023 in Russia was even higher, but the 2024 data for that country was not yet available. Meanwhile, Poland and the U.S. were among the countries where rents increased the most from 2016 to 2024.

In 2017, the County Department of Economic Development, in conjunction with Reinvestment Fund, completed the 2016 Market Value Analysis (MVA) for Allegheny County. A similar MVA was completed with the Pittsburgh Urban Redevelopment Authority in 2016. The Market Value Analysis (MVA) offers an approach for community revitalization; it recommends applying interventions not only to where there is a need for development but also in places where public investment can stimulate private market activity and capitalize on larger public investment activities. The MVA is a unique tool for characterizing markets because it creates an internally referenced index of a municipality’s residential real estate market. It identifies areas that are the highest demand markets as well as areas of greatest distress, and the various markets types between. The MVA offers insight into the variation in market strength and weakness within and between traditional community boundaries because it uses Census block groups as the unit of analysis. Where market types abut each other on the map becomes instructive about the potential direction of market change, and ultimately, the appropriateness of types of investment or intervention strategies.

The 2016 Allegheny County MVA does not include the City of Pittsburgh, which was characterized at the same time in the fourth update of the City of Pittsburgh’s MVA. All calculations herein therefore do not include the City of Pittsburgh. While the methodology between the City and County MVA's are very similar, the classification of communities will differ, and so the data between the two should not be used interchangeably.

Allegheny County's MVA utilized data that helps to define the local real estate market. Most data used covers the 2013-2016 period, and data used in the analysis includes:

•Residential Real Estate Sales; • Mortgage Foreclosures; • Residential Vacancy; • Parcel Year Built; • Parcel Condition; • Owner Occupancy; and • Subsidized Housing Units.

The MVA uses a statistical technique known as cluster analysis, forming groups of areas (i.e., block groups) that are similar along the MVA descriptors, noted above. The goal is to form groups within which there is a similarity of characteristics within each group, but each group itself different from the others. Using this technique, the MVA condenses vast amounts of data for the universe of all properties to a manageable, meaningful typology of market types that can inform area-appropriate programs and decisions regarding the allocation of resources.

During the research process, staff from the County and Reinvestment Fund spent an extensive amount of effort ensuring the data and analysis was accurate. In addition to testing the data, staff physically examined different areas to verify the data sets being used were appropriate indicators and the resulting MVA categories accurately reflect the market.

Please refer to the report (included here as a pdf) for more information about the data, methodology, and findings.

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Overview of the global housing mortgage market

The global residential loan value segment will grow at a moderate CAGR of nearly 4% by 2020. The global housing real estate market is gaining from an improving business environment, low inflation rates, and surging consumer confidence. Enhanced risk management, underwriting standards, and supervision will drive the prospects for growth in this market until the end of the forecast period. The implementation of enhanced internal risk management frameworks and underwriting standards of all housing mortgage loan originators and brokers will help in the enforcement of the prudential supervision.

A good underwriting standard is consistent across mortgage lenders and brokers and has become a hallmark of the housing mortgage origination business. Such an underwriting takes into account the value of the property, the borrower’s creditworthiness, verification of the submitted information, and sound and independent appraisals.

Housing mortgage market facts based on drivers

In this market, factors such as the rising demand for building manufacturers will aid in the growth of this market during the forecast period. Due to intense material storage and increasing scarcity of skilled labor in the housing mortgage market, the policymakers have been compelled to design measures to ensure the easy availability of cash for builders. Additionally, governments have also started to devise mechanisms like LTV and DTI to encourage the construction of houses in different geographies. In this market, the real estate and housing mortgage managers, the investment community, and developers will need to collaborate with governments to manage and mitigate risks in schemes that might otherwise appear uneconomic.

Housing mortgage market value based on geography

• Americas
• APAC
• EMEA

During 2015, the APAC region dominated the housing mortgage market by accounting for a share of nearly 44%. The introduction of a massive monetary stimulus program, which is aimed at stabilizing inflation and attracting large flows of capital, will aid in the growth of this market in APAC. The countries in this region have also started implementing strategic policies like minimum cash down payments, restricted loan tenures, and mortgage servicing ratio for electronic clearing services to bolster the prospects for market growth until 2020.

Housing mortgage market statistics: Competitive landscape and key vendors

In the global housing mortgage market, the competitive dynamics have changed drastically over the last ten years. Consequently, to remain competitive in this market, the mortgage originators appointed mobile lenders to reduce branch network costs. In addition, the mortgage lenders in this market competed for new businesses through product innovations like home-equity loans, which provide a line of credit against residential property.

Top vendors in this market

• Bank of China
• China Construction Bank
• HSBC
• Wells Fargo

Key questions answered in the report include

• What will the housing mortgage market size and the growth rate be in 2020?
• What are the key factors driving the global housing mortgage market?
• What are the key market trends impacting the growth of the gl

Key information about House Prices Growth

• Canada house prices grew 0.1% YoY in Jan 2025, following an increase of 0.1% YoY in the previous month.
• YoY growth data is updated monthly, available from Jan 1982 to Jan 2025, with an average growth rate of 1.8%.
• House price data reached an all-time high of 16.5% in Mar 1989 and a record low of -9.7% in Apr 1991.

Key information about House Prices Growth

• Taiwan house prices grew 12.5% YoY in Sep 2024, following an increase of 11.9% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Mar 2002 to Sep 2024, with an average growth rate of 7.3%.
• House price data reached an all-time high of 20.9% in Mar 2010 and a record low of -6.0% in Mar 2016.

002 -- Indices of owner-occupied housing prices 2010=100, 2010-2016

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.

Graph and download economic data for Housing Inventory: Median Days on Market in New Jersey (MEDDAYONMARNJ) from Jul 2016 to Jul 2025 about NJ, median, and USA.

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

Layer shows housing market typology by census tract based on the UT Uprooted report. Census tracts are divided into categories of most adjacent, accelerating, appreciated, missing home value data, and other/no change based on changes in neighborhoods' median home values between 1990 to 2016.