In the fourth quarter of 2024, the Bulgaria, Spain, and Portugal registered the highest house price increase in real terms (adjusted for inflation). In Bulgaria, house prices outgrew inflation by nearly ** percent. When comparing the nominal price change, which does not take inflation into consideration, the average house price growth was even higher.

Meanwhile, many countries experienced declining prices, with Turkey recording the biggest decline, at ** percent. That has to do with a broader trend of a slowing global housing market.

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.

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 ** 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.

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.

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.

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

Turkey experienced the highest annual change in house prices in 2024, followed by Bulgaria and Russia. In the fourth quarter of the year, the nominal house price in Turkey grew by **** percent, while in Bulgaria and Russia, the increase was ** and ** percent, respectively. Meanwhile, many countries saw prices fall throughout the year. That has to do with an overall cooling of the global housing market that started in 2022. When accounting for inflation, house price growth was slower, and even more countries saw the market shrink.

The year-end value of the S&P Case Shiller National Home Price Index amounted to 321.45 in 2024. The index value was equal to 100 as of January 2000, so if the index value is equal to 130 in a given year, for example, it means that the house prices increased by 30 percent since 2000. S&P/Case Shiller U.S. home indices – additional informationThe S&P Case Shiller National Home Price Index is calculated on a monthly basis and is based on the prices of single-family homes in nine U.S. Census divisions: New England, Middle Atlantic, East North Central, West North Central, South Atlantic, East South Central, West South Central, Mountain and Pacific. The index is the leading indicator of the American housing market and one of the indicators of the state of the broader economy. The index illustrates the trend of home prices and can be helpful during house purchase decisions. When house prices are rising, a house buyer might want to speed up the house purchase decision as the transaction costs can be much higher in the future. The S&P Case Shiller National Home Price Index has been on the rise since 2011.The S&P Case Shiller National Home Price Index is one of the indices included in the S&P/Case-Shiller Home Price Index Series. Other indices are the S&P/Case Shiller 20-City Composite Home Price Index, the S&P/Case Shiller 10-City Composite Home Price Index and twenty city composite indices.

Global house prices experienced a significant shift in 2022, with advanced economies seeing a notable decline after a prolonged period of growth. The real house price index (adjusted for inflation) for advanced economies peaked at nearly *** index points in early 2022 before falling to around ****** points by the fourth quarter of 2024. This represents a reversal of the upward trend that had characterized the housing market for roughly a decade. Conversely, real house prices in emerging economies resumed growing, after a brief correction in the second half of 2022. What is behind the slowdown? Inflation and slow economic growth have been the primary drivers for the cooling of the housing market. Secondly, the growing gap between incomes and house prices since 2012 has decreased the affordability of homeownership. Last but not least, homebuyers in 2024 faced dramatically higher mortgage interest rates, further contributing to worsening sentiment and declining transactions. Some markets continue to grow While many countries witnessed a deceleration in house price growth in 2022, some markets continued to see substantial increases. Turkey, in particular, stood out with a nominal increase in house prices of over ** percent in the first quarter of 2024. Other countries that recorded a two-digit growth include Russia and the United Arab Emirates. When accounting for inflation, the three countries with the fastest growing residential prices in early 2024 were the United Arab Emirates, Poland, and Bulgaria.

Key information about House Prices Growth

• Switzerland house prices grew 0.9% YoY in Dec 2024, following an increase of 1.9% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Mar 1971 to Dec 2024, with an average growth rate of 2.4%.
• House price data reached an all-time high of 26.2% in Mar 1973 and a record low of -9.0% in Dec 1975.

CEIC calculates House Prices Growth from quarterly Real Estate Price Index. Swiss National Bank provides Real Estate Price Index with base Q1 2000=100. House Prices Growth covers single family homes only.

The US residential real estate market, a cornerstone of the American economy, is projected to experience steady growth over the next decade. While the provided CAGR of 2.04% is a modest figure, it reflects a market maturing after a period of significant expansion. This sustained growth is driven by several key factors. Firstly, population growth and urbanization continue to fuel demand for housing, particularly in densely populated areas and emerging suburban markets. Secondly, low interest rates (historically, though this can fluctuate) have made mortgages more accessible, stimulating buyer activity. Thirdly, a robust construction sector, though facing challenges in material costs and labor shortages, is gradually increasing the housing supply, mitigating some of the upward pressure on prices. However, challenges remain. Rising inflation and potential interest rate hikes pose a risk to affordability, potentially dampening demand. Furthermore, the ongoing evolution of remote work is reshaping residential preferences, with a shift toward larger homes in suburban or exurban locations. This trend impacts the relative demand for various property types, potentially increasing the appeal of landed houses and villas compared to apartments and condominiums in certain regions. The segmentation of the market into apartments/condominiums and landed houses/villas provides crucial insights into consumer preferences and investment strategies. High-density urban areas will continue to see strong demand for apartments and condos, while suburban and rural areas are likely to experience a greater increase in landed property sales. Major players like Simon Property Group, Mill Creek Residential, and others are strategically adapting to these trends, focusing on both development and management across various property types and geographic locations. Analyzing regional data within the US (e.g., comparing growth in the Northeast versus the Southwest) will highlight market nuances and potential investment opportunities. While the global data provided is valuable for understanding broader market forces, focusing the analysis on the US market allows for a more granular understanding of the specific drivers, trends, and challenges within this significant segment of the real estate sector. The forecast period (2025-2033) suggests continued, albeit measured, expansion. Recent developments include: May 2022: Resource REIT Inc. completed the sale of all of its outstanding shares of common stock to Blackstone Real Estate Income Trust Inc. for USD 14.75 per share in an all-cash deal valued at USD 3.7 billion, including the assumption of the REIT's debt., February 2022: The largest owner of commercial real estate in the world and private equity company Blackstone is growing its portfolio of residential rentals and commercial properties in the United States. The company revealed that it would shell out about USD 6 billion to buy Preferred Apartment Communities, an Atlanta-based real estate investment trust that owns 44 multifamily communities and roughly 12,000 homes in the Southeast, mostly in Atlanta, Nashville, Charlotte, North Carolina, and the Florida cities of Jacksonville, Orlando, and Tampa.. Key drivers for this market are: Investment Plan Towards Urban Rail Development. Potential restraints include: Italy’s Fragmented Approach to Tenders. Notable trends are: Existing Home Sales Witnessing Strong Growth.

House prices grew year-on-year in most states in the U.S. in the third quarter of 2024. The District of Columbia was the only exception, with a decline of ***** percent. The annual appreciation for single-family housing in the U.S. was **** percent, while in Hawaii—the state where homes appreciated the most—the increase exceeded ** percent. How have home prices developed in recent years? House price growth in the U.S. has been going strong for years. In 2024, the median sales price of a single-family home exceeded ******* U.S. dollars, up from ******* U.S. dollars five years ago. One of the factors driving house prices was the cost of credit. The record-low federal funds effective rate allowed mortgage lenders to set mortgage interest rates as low as *** percent. With interest rates on the rise, home buying has also slowed, causing fluctuations in house prices. Why are house prices growing? Many markets in the U.S. are overheated because supply has not been able to keep up with demand. How many homes enter the housing market depends on the construction output, whereas the availability of existing homes for purchase depends on many other factors, such as the willingness of owners to sell. Furthermore, growing investor appetite in the housing sector means that prospective homebuyers have some extra competition to worry about. In certain metros, for example, the share of homes bought by investors exceeded ** percent in 2024.

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 Consumer Price Index for All Urban Consumers: Food at Home in U.S. City Average (CUSR0000SAF11) from Jan 1952 to Jun 2025 about urban, food, consumer, CPI, housing, inflation, price index, indexes, price, and USA.

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.

CEIC calculates House Prices Growth from monthly House Price Index. Statistics Canada provides House Price Index with base December 2016=100. House Price Index covers New Housing only.

Key information about House Prices Growth

• Mexico house prices grew 8.8% YoY in Dec 2024, following an increase of 9.2% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Mar 2006 to Dec 2024, with an average growth rate of 7.4%.
• House price data reached an all-time high of 11.7% in Mar 2023 and a record low of 2.2% in Jun 2010.

CEIC calculates House Price Growth from quarterly House Price Index. Federal Mortgage Society provides House Price Index with base 2017=100.

House prices in the UK rose dramatically during the coronavirus pandemic, with growth slowing down in 2022 and turning negative in 2023. The year-on-year annual house price change peaked at 14 percent in July 2022. In April 2025, house prices increased by 3.5 percent. As of late 2024, the average house price was close to 290,000 British pounds. Correction in housing prices: a European phenomenon The trend of a growing residential real estate market was not exclusive to the UK during the pandemic. Likewise, many European countries experienced falling prices in 2023. When comparing residential property RHPI (price index in real terms, e.g. corrected for inflation), countries such as Germany, France, Italy, and Spain also saw prices decline. Sweden, one of the countries with the fastest growing residential markets, saw one of the largest declines in prices. How has demand for UK housing changed since the outbreak of the coronavirus? The easing of the lockdown was followed by a dramatic increase in home sales. In November 2020, the number of mortgage approvals reached an all-time high of over 107,000. One of the reasons for the housing boom were the low mortgage rates, allowing home buyers to take out a loan with an interest rate as low as 2.5 percent. That changed as the Bank of England started to raise the base lending rate, resulting in higher borrowing costs and a decline in homebuyer sentiment.

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

The number of home sales in the United States peaked in 2021 at almost ************* after steadily rising since 2018. Nevertheless, the market contracted in the following year, with transaction volumes falling to ***********. 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.

House Price Index MoM in the United States decreased to -0.40 percent in April from 0 percent in March of 2025. This dataset includes a chart with historical data for the United States FHFA House Price Index MoM.