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 three percent. The annual appreciation for single-family housing in the U.S. was 0.71 percent, while in Hawaii—the state where homes appreciated the most—the increase exceeded 10 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 413,000 U.S. dollars, up from 277,000 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 2.3 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 20 percent in 2024.
Residential Real Estate Market Size 2024-2028
The residential real estate market size is forecast to increase by USD 482.1 billion at a CAGR of 4.6% between 2023 and 2028.
The market is experiencing significant growth, driven by increasing demand from a growing population and urbanization trends. This demand is further fueled by marketing initiatives from real estate developers and agents, who are leveraging digital platforms and creative campaigns to attract buyers. However, regulatory uncertainty poses a challenge to market growth, with varying regulations and policies in different regions impacting investment decisions. For companies seeking to capitalize on market opportunities, it is essential to stay informed of regulatory changes and adapt strategies accordingly. Additionally, collaboration with local experts and partnerships with regulatory bodies can help navigate complex regulatory landscapes and ensure compliance. Overall, the market presents significant opportunities for growth, but requires a strategic approach to address regulatory challenges and effectively target demand. Companies that can navigate these challenges and adapt to local market conditions will be well-positioned to succeed in this dynamic market.
What will be the Size of the Residential Real Estate Market during the forecast period?
Request Free SampleThe market continues to exhibit activity, driven by strong economic fundamentals and population growth. In nominal terms, the market size reached an all-time high in the latest fiscal year, with discerning buyers demonstrating continued interest in spacious accommodations. However, macroeconomic headwinds, such as rising interest rates and inflation, pose challenges for some potential homebuyers. Economic factors, including GDP per capita and purchasing power, remain essential support for the housing market. Despite these conditions, property launches in the luxury residential sector have shown resilience, catering to the demand for high-end living spaces. Residential construction remains a critical component of the market, with new housing units being added to meet the growing demand for homes. Overall, the market is expected to remain a significant contributor to the economy, offering opportunities for both investors and homebuyers.
How is this Residential Real Estate Industry segmented?
The residential real estate industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments. Mode Of BookingSalesRental/LeaseTypeApartments and condominiumsLanded houses and villasGeographyAPACChinaJapanNorth AmericaUSEuropeGermanyUKSouth AmericaMiddle East and Africa
By Mode Of Booking Insights
The sales segment is estimated to witness significant growth during the forecast period.
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The Sales segment was valued at USD 896.60 billion in 2018 and showed a gradual increase during the forecast period.
Regional Analysis
APAC is estimated to contribute 54% to the growth of the global market during the forecast period.Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in the Asia Pacific (APAC) region held the largest market share in 2023 and is anticipated to continue leading the market growth during the forecast period. Key drivers of this expansion include population growth and increasing purchasing power, leading to a in demand for spacious accommodations. Rapid urbanization and economic fundamentals, such as GDP per capita, have fueled the construction of new housing units, particularly in countries like India and China. Furthermore, domestic demand and foreign homebuyers have contributed to the unsold inventory overhang, creating investment opportunities in underconstruction properties. Despite these positive indicators, challenges persist, including affordability concerns and critical input costs. In the context of the US housing market, the residential real estate sector offers investment opportunities through traditional options, such as home ownership and rental cash flow, as well as low-risk methods, like investment portfolios. Key economic factors, such as interest rates and supply metrics, impact residential property prices, which may vary in real and nominal terms. The market is also influenced by changing consumer preferences, regulatory reforms, and technological transformation, including home automation and cutting-edge strategies.
Market Dynamics
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holi
In the United States, interest rates for all mortgage types started to increase in 2021. This was due to the Federal Reserve introducing a series of hikes in the federal funds rate to contain the rising inflation. In the first quarter of 2024, the 30-year fixed rate declined slightly, to 6.75 percent. Despite the cut, this was about 3.9 percentage points higher than the same quarter in 2021. Why have U.S. home sales decreased? Cheaper mortgages normally encourage consumers to buy homes, while higher borrowing costs have the opposite effect. As interest rates increased in 2022, the number of existing homes sold plummeted. Soaring house prices over the past 10 years have further affected housing affordability. Between 2013 and 2023, the median price of an existing single-family home risen by about 88 percent. On the other hand, the median weekly earnings have risen much slower. Comparing mortgage terms and rates Between 2008 and 2023, the average rate on a 15-year fixed-rate mortgage in the United States stood between 2.28 and 6.11 percent. Over the same period, a 30-year mortgage term averaged a fixed-rate of between 3.08 and 6.81 percent. Rates on 15-year loan terms are lower to encourage a quicker repayment, which helps to improve a homeowner’s equity.
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The global housing mortgage market is experiencing robust growth, driven by factors such as increasing urbanization, rising disposable incomes, and favorable government policies promoting homeownership. The market, estimated at $15 trillion in 2025, is projected to witness a Compound Annual Growth Rate (CAGR) of 5% from 2025 to 2033, reaching approximately $23 trillion by 2033. This growth is fueled by a significant increase in demand for housing in developing economies, particularly in Asia-Pacific regions like China and India, where burgeoning populations and expanding middle classes are driving the need for mortgages. Furthermore, technological advancements, including the rise of Fintech solutions and online mortgage platforms, are streamlining the mortgage application process and improving accessibility for borrowers. However, fluctuating interest rates, economic uncertainties, and stringent lending regulations pose potential challenges to sustained market growth. Competition among major players, including Bank of China, China Construction Bank, HSBC, and Wells Fargo, is intensifying, leading to innovative product offerings and more competitive pricing strategies. Regional variations in market growth are expected, with North America and Europe maintaining significant market shares but experiencing more moderate growth compared to the faster expansion in Asia-Pacific. The segmentation of the market by type (e.g., fixed-rate, adjustable-rate) and application (e.g., residential, commercial) reveals further insights into market dynamics. The residential segment dominates, reflecting the majority of mortgage demand. However, the commercial segment is also exhibiting growth, driven by increasing investments in real estate and infrastructure development. Furthermore, the shift towards digital mortgage applications and the use of big data analytics in credit scoring are reshaping the market landscape, leading to greater efficiency and improved risk assessment. Continued regulatory scrutiny aimed at protecting borrowers and maintaining financial stability will likely continue to influence market trends in the coming years. Future growth projections will depend heavily on macro-economic factors, interest rate environments, and the continued evolution of technological solutions within the mortgage industry.
Real Estate Market Size 2025-2029
The real estate market size is forecast to increase by USD 1,258.6 billion at a CAGR of 5.6% between 2024 and 2029.
The market is experiencing significant shifts and innovations, with both residential and commercial sectors adapting to new trends and challenges. In the commercial realm, e-commerce growth is driving the demand for logistics and distribution centers, while virtual reality technology is revolutionizing property viewings. Europe's commercial real estate sector is witnessing a rise in smart city development, incorporating LED lighting and data centers to enhance sustainability and efficiency. In the residential sector, wellness real estate is gaining popularity, focusing on health and well-being. Real estate software and advertising services are essential tools for asset management, streamlining operations, and reaching potential buyers. Regulatory uncertainty remains a challenge, but innovation in construction technologies, such as generators and renewable energy solutions, is helping mitigate risks.
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The market continues to exhibit strong activity, driven by rising population growth and increasing demand for personal household space. Both residential and commercial sectors have experienced a rebound in home sales and leasing activity. The trend towards live-streaming rooms and remote work has further fueled demand for housing and commercial real estate. Economic conditions and local market dynamics influence the direction of the market, with interest rates playing a significant role in investment decisions. Fully furnished, semi-furnished, and unfurnished properties, as well as rental properties, remain popular options for buyers and tenants. Offline transactions continue to dominate, but online transactions are gaining traction.
The market encompasses a diverse range of assets, including land, improvements, buildings, fixtures, roads, structures, utility systems, and undeveloped property. Vacant land and undeveloped property present opportunities for investors, while the construction and development of new housing and commercial projects contribute to the market's overall growth.
How is this Real Estate Industry segmented and which is the largest segment?
The industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.
Type
Residential
Commercial
Industrial
Business Segment
Rental
Sales
Manufacturing Type
New construction
Renovation and redevelopment
Land development
Geography
APAC
China
India
Japan
South Korea
North America
Canada
US
Europe
Germany
UK
South America
Brazil
Middle East and Africa
By Type Insights
The residential segment is estimated to witness significant growth during the forecast period.
The market encompasses the buying and selling of properties designed for dwelling purposes, including buildings, single-family homes, apartments, townhouses, and more. Factors fueling growth in this sector include the increasing homeownership rate among millennials and urbanization trends. The Asia Pacific region, specifically China, dominates the market due to escalating homeownership rates. In India, the demand for affordable housing is a major driver, with initiatives like Pradhan Mantri Awas Yojana (PMAY) spurring the development of affordable housing projects catering to the needs of lower and middle-income groups. The commercial real estate segment, consisting of office buildings, shopping malls, hotels, and other commercial properties, is also experiencing growth.
Furthermore, economic and local market conditions, interest rates, and investment opportunities in fully furnished, semi-furnished, unfurnished properties, and rental properties influence the market dynamics. Technological integration, infrastructure development, and construction projects further shape the real estate landscape. Key sectors like transportation, logistics, agriculture, and the e-commerce sector also impact the market.
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The Residential segment was valued at USD 1440.30 billion in 2019 and showed a gradual increase during the forecast period.
Regional Analysis
APAC is estimated to contribute 64% to the growth of the global market during the forecast period.
Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The Asia Pacific region holds the largest share of The market, dr
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 140 index points in early 2022 before falling to around 132 points by the first 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 55 percent in the 1st 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.
Mortgage interest rates in Czechia have experienced significant fluctuations over the past few years, reaching a peak of nearly six percent in December 2022 before gradually declining. As of December 2024, the interest rate on new mortgages in the country amounted to 4.8 percent, showing a slight decrease from the previous month. This trend in mortgage rates has occurred alongside substantial increases in housing prices. Housing market dynamics The changes in mortgage rates have gone hand in hand with notable shifts in the Czech housing market. Despite the high-interest rates, new mortgage lending reached over 18.7 million Czech koruna in December 2024, marking a significant increase from the same month in the previous year. This growth in lending has continued despite the steady rise in housing prices, with the house price index reaching 219.9 in the third quarter of 2024. This marks a significant increase from the 2015 baseline, reflecting the ongoing upward trend. The average purchase price per square meter for family houses increasing across the country. In 2023, Prague recorded the highest average price at 111,087 Czech koruna per square meter. Construction sector trends The construction sector in Czechia has shown its response to these market conditions. The index of multi-dwelling building construction fluctuated recently, with 2024 showing a slight decrease to 83.8 index points compared to the previous year. However, regarding non-residential buildings, the construction has been continuously growing since 2018 with hotels and industrial buildings accounting for the majority of new non-residential constructions.
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House Price Index YoY in the United States remained unchanged at 4.80 percent in January. This dataset includes a chart with historical data for the United States FHFA House Price Index YoY.
Myanmar Residential Real Estate Market Size 2025-2029
The residential real estate market in Myanmar size is forecast to increase by USD 233.2 million at a CAGR of 4.7% between 2024 and 2029.
The market is experiencing significant growth, particularly in emerging markets such as Myanmar, driven by the expanding residential sector. The integration of technology in property management, including the use of smart sensors and automation, is a key trend transforming the industry. However, regulatory uncertainty remains a challenge, necessitating close monitoring of changes and their potential impact on the market.
In the construction sector, the adoption of concrete watch technology is gaining traction, enhancing the durability and quality of buildings. Real Estate Investment Trusts (REITs) continue to be a significant player In the market, offering investors stable returns. Overall, the market is poised for growth, with technology and regulatory factors shaping its trajectory.
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The market continues to evolve, shaped by various factors influencing urban areas worldwide. Essential services and infrastructure, including transportation systems and functional infrastructure, remain crucial elements driving demand for urban living. Urban sustainability and the development of new metropolises and cities are gaining momentum, with a focus on tall structures and affordable housing solutions. Economic growth and living levels are key factors influencing the market's size and direction. Despite the overall positive trend, economic headwinds and poor management in some areas can lead to imbalances In the demand-supply equation. First-time buyers face challenges in securing real estate loans due to rising mortgage rates and transactional taxes.
Central banks and governments implement measures to stabilize the market, including adjusting mortgage interest rates and promoting inexpensive housing schemes. The industrial regions' growth and the establishment of new urban areas contribute to increasing transaction volumes, with a growing emphasis on urban planning and efficient decision-making processes. However, the market's dynamics are complex, with various factors influencing property values and the homeownership rate. Informal settlements and poor management in some areas can hinder the market's growth and stability.
How is this market segmented and which is the largest segment?
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.
Type
Landed houses and villas
Apartments and condominiums
Mode Of Booking
Sales
Rental/Lease
Geography
Myanmar
By Type Insights
The landed houses and villas segment is estimated to witness significant growth during the forecast period.
The market is primarily driven by the demand for landed houses and villas. These properties, which accounted for the largest market share in 2024, offer a unique blend of community and privacy. Villas, specifically, are standalone houses with a veranda or yard, typically located in exclusive areas. They provide a sense of community while maintaining privacy, distinguishing them from flats. In contrast, landed houses are stand-alone dwellings that can be constructed on any type of land. Property tax implications, investor confidence, and housing affordability significantly impact the market. Property value fluctuations, home sellers, and housing supply also play crucial roles.
Urban planning strategies, such as sustainable housing development and urban regeneration, are essential to address affordability and urban mobility concerns. Real estate investment trends, including home renovation, property management services, and data analysis, are shaping the market. Smart home technology and urban design are also influencing housing demand. City branding, competitiveness, and resilience are key factors in urban development and planning. Infrastructure development, sustainable urbanism, and economic diversification are essential for creating smart cities and addressing urban sprawl.
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Market Dynamics
Our Market researchers analyzed the data with 2024 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
What are the key market drivers leading to the rise in the adoption of the Myanmar Residential Real Estate Market?
The growing residential sector in Myanmar is the key driver of the market. The market experiences continuous growth due to the increasing construction of various typ
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The Latin American residential real estate market, valued at $477.77 million in 2025, is projected to experience robust growth, driven by factors such as increasing urbanization, rising disposable incomes, and government initiatives promoting affordable housing. The market is segmented by property type (apartments & condominiums, landed houses & villas) and geography (Mexico, Brazil, Colombia, and Rest of Latin America). Brazil and Mexico, with their large populations and developing economies, are expected to dominate the market, contributing significantly to the Compound Annual Growth Rate (CAGR) of 8.32% projected from 2025 to 2033. Strong demand from millennials and growing tourism in key areas are also contributing factors. However, challenges remain, including economic volatility in some regions, fluctuating interest rates impacting mortgage affordability, and infrastructure limitations in certain areas. The competitive landscape includes both large national developers like Cyrela, MRV Engenharia, and Grupo Sadasi, along with international players like JLL and CBRE, creating a dynamic and evolving market. Significant growth opportunities exist within the affordable housing segment, catering to the expanding middle class. Further market expansion is anticipated through the development of sustainable and smart homes, reflecting growing environmental awareness and technological advancements. While regulatory hurdles and bureaucratic processes can present challenges, the long-term outlook for the Latin American residential real estate market remains positive, driven by the region's demographic trends and continued economic development. Strategic investments in infrastructure development and supportive government policies will be crucial in unlocking the market's full potential. Detailed analysis of specific countries within the region will reveal nuances in market performance, highlighting areas of exceptional opportunity or risk. This report provides a detailed analysis of the dynamic Residential Real Estate Market in Latin America, covering the period 2019-2033. With a base year of 2025 and a forecast period spanning 2025-2033, this in-depth study leverages historical data (2019-2024) to offer valuable insights into market trends, growth drivers, and challenges. Keywords: Latin America real estate market, residential real estate Latin America, Latin American housing market, Brazilian real estate, Mexican real estate, Colombian real estate, apartment market Latin America, condo market Latin America, real estate investment Latin America. Recent developments include: November 2023: CBRE, a prominent global consultancy and real estate services firm, unveiled its latest initiative, the Latam-Iberia platform. The platform's primary goal is to reinvigorate the real estate markets in Europe and Latin America while fostering investment ties between the two regions. By enhancing business collaborations and amplifying the visibility of real estate solutions, CBRE aims to catalyze growth in the sector., May 2023: CJ do Brasil, a subsidiary of multinational firm CJ Bio, completed its USD 57 million plant expansion in Piracicaba, 160 km from Brazil's capital. CJ Bio is renowned for its expertise in amino acid production. The expansion is projected to create 650 new job opportunities, and the investment also encompasses the establishment of residential, research, and development centers.. Key drivers for this market are: Increase in Population is Boosting the Residential Real Estate Market, Rapid Growth in Urbanization. Potential restraints include: Accelerated Increase in Construction Costs. Notable trends are: Increase in Urbanization Boosting Demand for Residential Real Estate.
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Graph and download economic data for Interest Rates and Price Indexes; Multi-Family Real Estate Apartment Price Index, Level (BOGZ1FL075035403Q) from Q4 1985 to Q4 2024 about multifamily, real estate, family, interest rate, interest, rate, price index, indexes, price, and USA.
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Graph and download economic data for 30-Year FHA Mortgage Rate: Secondary Market (DISCONTINUED) (FHA30) from Jan 1964 to Jun 2000 about secondary market, 30-year, mortgage, interest rate, interest, rate, and USA.
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30 Year Mortgage Rate in the United States increased to 6.67 percent in March 20 from 6.65 percent in the previous week. This dataset includes a chart with historical data for the United States 30 Year Mortgage Rate.
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.
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Spain Housing Market Indicators: Interest Rate for Loans to Households for House Purchase data was reported at 2.180 % pa in May 2018. This records a decrease from the previous number of 2.210 % pa for Apr 2018. Spain Housing Market Indicators: Interest Rate for Loans to Households for House Purchase data is updated monthly, averaging 4.920 % pa from Jan 1989 (Median) to May 2018, with 353 observations. The data reached an all-time high of 17.050 % pa in Jan 1991 and a record low of 2.050 % pa in Dec 2017. Spain Housing Market Indicators: Interest Rate for Loans to Households for House Purchase 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.
During the month of July 2024, the company with the largest share of the reverse mortgage market in the United States was Mutual Of Omaha Mortgage Inc. Its share of 22 percent was around three percent greater than the market share of Finance Of America Reverse LLC. Reverse mortgage volume increases Mutual Of Omaha Mortgage Inc. was the top lender of Home Equity Conversion Mortgages (HECMs) in 2023, with the highest number of loan originations. In 2023, the company, which specializes in home equity retirement solutions, closed a total of over 5,000 HECMs and ended the year as the leading reverse mortgage company in the United States. Despite the overall number of HECMs in the United States dropping dramatically between 2009 and 2019, this trend reversed in the following years, with 2022 recording the highest 10-year figure. Banks withdraw from reverse mortgage market In the past, some of the largest banks in the United States featured in the list of leading reverse mortgage lenders; as of 2024, financial services firm Wells Fargo remained the all-time leading reverse mortgage company in the country. However, banks have exited the reverse mortgage business, and the rankings now feature companies that focus primarily on HECMs. In 2011, Wells Fargo and Bank of America – the two largest providers of HECMs at the time – stopped offering the service because of an unpredictable housing market and the creditworthiness of borrowers.
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The global real estate market size was valued at USD 7,384.14 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 8,690.66 Billion by 2033, exhibiting a CAGR of 1.81% from 2025-2033. North America currently dominates the market in 2024, holding a significant market share of 33.4%. The market is experiencing steady growth driven by rapid urbanization, low interest rates, changing lifestyle trends, e-commerce growth, inflating disposable incomes of individuals, infrastructure development and improvements, remote work, demographic shifts, and favorable government policies.
Report Attribute
|
Key Statistics
|
---|---|
Base Year
| 2024 |
Forecast Years
|
2025-2033
|
Historical Years
|
2019-2024
|
Market Size in 2024 | USD 7,384.14 Billion |
Market Forecast in 2033 | USD 8,690.66 Billion |
Market Growth Rate (2025-2033) | 1.81% |
IMARC Group provides an analysis of the key trends in each segment of the global real estate market, along with forecasts at the global, regional, and country levels from 2025-2033. The market has been categorized based on property, business, and mode.
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Graph and download economic data for Residential Property Prices for Japan (QJPN628BIS) from Q1 1955 to Q3 2024 about Japan, residential, HPI, housing, price index, indexes, and price.
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Retail Interest Rates - Mortgage Rates. Published by Central Bank of Ireland. Available under the license Creative Commons Attribution 4.0 (CC-BY-4.0).Table B.3.1 presents quarterly mortgage rate data specific to the Irish market. These data include all euro and non-euro denominated mortgage lending in the Republic of Ireland only. New business refers to new mortgage lending drawdowns during the quarter, broken down by type of interest rate product (i.e. fixed, tracker and SVR). The data also provide further breakdown of mortgages for principal dwelling house (PDH) and buy-to-let (BTL) properties. Renegotiations of existing loans are not included....
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Long term dataset showing the 30 year fixed rate mortgage average in the United States since 1971.
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 three percent. The annual appreciation for single-family housing in the U.S. was 0.71 percent, while in Hawaii—the state where homes appreciated the most—the increase exceeded 10 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 413,000 U.S. dollars, up from 277,000 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 2.3 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 20 percent in 2024.