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 U.S. housing market continues to evolve, with the median home price forecast to reach 426,000 U.S. dollars by the second quarter of 2026. This projection comes after a period of significant growth and recent fluctuations, reflecting the complex interplay of economic factors affecting the real estate sector. The rising costs have not only impacted home prices, but also down payments, with the median down payment more than doubling since 2012. Regional variations in housing costs Home prices and down payments vary dramatically across the United States. While the national median down payment stood at approximately 26,700 U.S. dollars in early 2024, homebuyers in states like California, Massachusetts, and Hawaii faced down payments exceeding 74,000 U.S. dollars. This disparity highlights the challenges of homeownership in high-cost markets and underscores the importance of location in determining housing affordability. Market dynamics and future outlook The housing market has shown signs of cooling after years of rapid growth, with more modest price increases of 4.8 percent in 2022 and 6.5 percent in 2023. This slowdown can be attributed in part to rising mortgage rates, which have tempered demand. Despite these challenges, most states continued to see year-over-year price growth in the fourth quarter of 2023, with Rhode Island and Vermont leading the pack at over 13 percent appreciation. As the market adjusts to new economic realities, potential homebuyers and investors alike will be watching closely for signs of stabilization or renewed growth in the coming years.

In 2021, Allegheny County Economic Development (ACED), in partnership with Urban Redevelopment Authority of Pittsburgh(URA), completed the a Market Value Analysis (MVA) for Allegheny County. This analysis services as both an update to previous MVA’s commissioned separately by ACED and the URA and combines the MVA for the whole of Allegheny County (inclusive of the City of Pittsburgh). 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.

This MVA utilized data that helps to define the local real estate market. The data used covers the 2017-2019 period, and data used in the analysis includes:

• Residential Real Estate Sales
• Mortgage Foreclosures
• Residential Vacancy
• Parcel Year Built
• Parcel Condition
• Building Violations
• Owner Occupancy
• 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.

Please refer to the presentation and executive summary for more information about the data, methodology, and findings.

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.

CEIC calculates House Prices Growth from quarterly House Price Index. Federal Housing Finance Agency provides House Price Index with base January 1991=100.

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.

Key information about House Prices Growth

• India house prices grew 2.6% YoY in Sep 2024, following an increase of 6.2% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Mar 2011 to Sep 2024, with an average growth rate of 5.1%.
• House price data reached an all-time high of 30.6% in Mar 2011 and a record low of -11.4% in Sep 2020.

CEIC calculates House Prices Growth from quarterly House Price Index. National Housing Bank provides House Price Index with base 2017-2018=100. House Prices Growth covers Mumbai only. House Prices Growth prior to Q2 2014 is calculated from House Price Index with base 2007=100.

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

Spain Housing Market Indicators: Mortgage Lending: Percent of GDP data was reported at 58.310 % in Mar 2017. This records a decrease from the previous number of 59.730 % for Dec 2016. Spain Housing Market Indicators: Mortgage Lending: Percent of GDP data is updated quarterly, averaging 52.430 % from Mar 1989 (Median) to Mar 2017, with 113 observations. The data reached an all-time high of 101.760 % in Dec 2009 and a record low of 14.820 % in Mar 1989. Spain Housing Market Indicators: Mortgage Lending: Percent of GDP data remains active status in CEIC and is reported by Bank of Spain. The data is categorized under Global Database’s Spain – Table ES.EB003: Housing Market Indicators.

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.

Graph and download economic data for Housing Inventory: Median Days on Market Year-Over-Year in the United States (MEDDAYONMARYYUS) from Jul 2017 to Feb 2025 about median and USA.

Spain Housing Market Indicators: Mortgage Credit: YoY data was reported at -4.426 % in Mar 2017. This records an increase from the previous number of -4.518 % for Feb 2017. Spain Housing Market Indicators: Mortgage Credit: YoY data is updated monthly, averaging 14.836 % from Jan 1990 (Median) to Mar 2017, with 327 observations. The data reached an all-time high of 28.022 % in Jan 1990 and a record low of -14.302 % in Sep 2013. Spain Housing Market Indicators: Mortgage Credit: YoY data remains active status in CEIC and is reported by Bank of Spain. The data is categorized under Global Database’s Spain – Table ES.EB003: Housing Market Indicators.

Housing Index in Bosnia and Herzegovina increased to 3066 BAM/SQ. METRE in the fourth quarter of 2024 from 2906 BAM/SQ. METRE in the third quarter of 2024. This dataset provides - Bosnia And Herzegovina Completed Residential Construction - actual values, historical data, forecast, chart, statistics, economic calendar 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.

Housing Index in Hong Kong decreased to 136.48 points in March 9 from 137.46 points in the previous week. This dataset provides - Hong Kong House Price Index - actual values, historical data, forecast, chart, statistics, economic calendar and news.

This statistic shows the percentage change on the previous year in the four largest municipalities in the Netherlands from the fourth quarter of 2013 to the fourth quarter of 2017. In the fourth quarter of 2017, housing prices in the municipality of Amsterdam increased with approximately 13.4 percent compared to the same period in the previous year. In recent years, the housing market has continued to rise in the Netherlands due to low mortgage rates, a recovering economy and a high level of consumer confidence. For example, the number of registered transactions reached a value of approximately 215,000 in 2016 and the average selling price of houses was higher than in 2013, when prices reached a low point. In 2018, real estate prices are expected to increase with five percent as a high number of sales, combined with an increasingly scarce supply, are expected to push the housing price up.

Spain Housing Market Indicators: Mortgage Credit data was reported at 654,802,321.000 EUR th in Mar 2017. This records a decrease from the previous number of 655,385,358.000 EUR th for Feb 2017. Spain Housing Market Indicators: Mortgage Credit data is updated monthly, averaging 389,106,901.000 EUR th from Jan 1989 (Median) to Mar 2017, with 339 observations. The data reached an all-time high of 1,099,307,341.000 EUR th in Dec 2009 and a record low of 37,194,360.000 EUR th in Jan 1989. Spain Housing Market Indicators: Mortgage Credit data remains active status in CEIC and is reported by Bank of Spain. The data is categorized under Global Database’s Spain – Table ES.EB003: Housing Market Indicators.

Mexico House Price Index: Quintana Roo data was reported at 115.600 2017=100 in Mar 2019. This records an increase from the previous number of 112.500 2017=100 for Dec 2018. Mexico House Price Index: Quintana Roo data is updated quarterly, averaging 77.800 2017=100 from Mar 2005 (Median) to Mar 2019, with 57 observations. The data reached an all-time high of 115.600 2017=100 in Mar 2019 and a record low of 48.900 2017=100 in Mar 2005. Mexico House Price Index: Quintana Roo data remains active status in CEIC and is reported by Federal Mortgage Society. The data is categorized under Global Database’s Mexico – Table MX.EB007: House Price Index: by State: 2017=100.

We study the severity of liquidity constraints in the U.S. housing market using alife-cycle model with uninsurable idiosyncratic risks in which houses are illiquid, butagents can extract home equity by refinancing their mortgages. The model implies thatfour-fifths of homeowners are liquidity constrained and willing to pay an average of 13cents to extract an additional dollar of liquidity from their home. Most homeownersvalue liquidity for precautionary reasons, anticipating the possibility of income declinesand the need to make mortgage payments. The model reproduces well the observedresponse of consumption to tax rebates and mortgage relief programs and predicts largewelfare gains from policies aimed at providing temporary liquidity relief to homeowners.

This dataset was created primarily to map and track socioeconomic and demographic variables from the US Census Bureau from year 1940 to year 2010, by decade, within the City of Baltimore's Mayor's Office of Information Technology (MOIT) year 2010 neighborhood boundaries. The socioeconomic and demographic variables include the percent White, percent African American, percent owner occupied homes, percent vacant homes, the percentage of age 25 and older people with a high school education or greater, and the percentage of age 25 and older people with a college education or greater. Percent White and percent African American are also provided for year 1930. Each of the the year 2010 neighborhood boundaries were also attributed with the 1937 Home Owners' Loan Corporation (HOLC) definition of neighborhoods via spatial overlay. HOLC rated neighborhoods as A, B, C, D or Undefined. HOLC categorized the perceived safety and risk of mortgage refinance lending in metropolitan areas using a hierarchical grading scale of A, B, C, and D. A and B areas were considered the safest areas for federal investment due to their newer housing as well as higher earning and racially homogenous households. In contrast, C and D graded areas were viewed to be in a state of inevitable decline, depreciation, and decay, and thus risky for federal investment, due to their older housing stock and racial and ethnic composition. This policy was inherently a racist practice. Places were graded based on who lived there; poor areas with people of color were labeled as lower and less-than. HOLC's 1937 neighborhoods do not cover the entire extent of the year 2010 neighborhood boundaries. The neighborhood boundaries were also augmented to include which of the year 2017 Housing Market Typology (HMT) the 2010 neighborhoods fall within. Finally, the neighborhood boundaries were also augmented to include tree canopy and tree canopy change year 2007 to year 2015.

Spain Housing Market Indicators: Household Lending for House Purposes: Percent of GDP data was reported at 46.420 % in Sep 2017. This records a decrease from the previous number of 47.150 % for Jun 2017. Spain Housing Market Indicators: Household Lending for House Purposes: Percent of GDP data is updated quarterly, averaging 37.700 % from Mar 1990 (Median) to Sep 2017, with 111 observations. The data reached an all-time high of 63.030 % in Jun 2010 and a record low of 10.680 % in Mar 1990. Spain Housing Market Indicators: Household Lending for House Purposes: Percent of GDP data remains active status in CEIC and is reported by Bank of Spain. The data is categorized under Global Database’s Spain – Table ES.EB003: Housing Market Indicators.