The number of U.S. home sales in the United States declined in 2024, after soaring in 2021. A total of four million transactions of existing homes, including single-family, condo, and co-ops, were completed in 2024, 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 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. Are U.S. home prices expected to fall? The median sales price of existing homes stood at 413,000 U.S. dollars in 2024 and was forecast to increase slightly until 2026. 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.

The number of new houses sold in the United States took a big hit during the financial crisis, dropping from a high of around *** million houses sold in 2005 to a low of *** thousand homes sold in 2011 – around a ** percent decrease. While the economy has largely recovered since the crisis, consumers remained hesitant when it comes to buying homes. In 2020, demand for housing surged and house sales volumes spiked to *******. Housing construction remains suppressed One of the main challenges in the U.S. housing market is the insufficient number of new homes built. During the financial crisis, construction slowed dramatically, and has still struggled to recover. Construction costs, on the other hand, have risen notably, making homeownership increasingly pricier. House prices on the rise Unsurprisingly, the median sales price of new homes has risen substantially. In 2024, the U.S. Case Shiller National Home Price Index, reached *** index points, suggesting the price of a home tripled since 2000, the base year of the index.

New Home Sales in the United States increased to 627 Thousand units in June from 623 Thousand units in May 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.

Existing Home Sales in the United States decreased to 3930 Thousand in June from 4040 Thousand in May 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 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.

Graph and download economic data for New One Family Houses Sold: United States (HSN1F) from Jan 1963 to Jun 2025 about 1-unit structures, headline figure, family, new, sales, housing, and USA.

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.

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 number of new homes sold increased in 2024, but remained below the levels observed during the 2020-2021 housing boom. Conventional loans are the most popular financing option, accounting for 513,000 of the 686,000 home purchases in 2024. Despite comprising a small share of sales, cash purchases have risen notably over the past five years. This can be explained by the dramatic increase in mortgage interest rates, which makes cash purchases more attractive for those who can afford them. Development of house prices The U.S. housing market is suffering a supply shortage, which has contributed to a substantial increase in house prices. Over the past five years, construction costs risen notably, pushing the price of newly built homes up. Meanwhile, income growth has failed to keep up, resulting in a worsening housing affordability. According to the house price to income index, home prices outgrew income by nearly 32 percent between 2015 and 2024. Is the U.S. housing stock growing? There were approximately 187 million housing units in the U.S. in 2024, indicating an increase of one percent over the previous year. Apart from new-single family housing, the number of newly built multifamily units has also risen notably. Multifamily allows construction in denser urban areas with overheated housing markets, earning it increasing popularity among investors.

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.

Graph and download economic data for Existing Home Sales (EXHOSLUSM495S) from Jun 2024 to Jun 2025 about headline figure, sales, housing, and USA.

United States Pending Sales: All Residential: New York data was reported at 12,700.000 Unit in Jul 2020. This records an increase from the previous number of 9,805.000 Unit for Jun 2020. United States Pending Sales: All Residential: New York data is updated monthly, averaging 5,136.000 Unit from Feb 2012 (Median) to Jul 2020, with 102 observations. The data reached an all-time high of 12,700.000 Unit in Jul 2020 and a record low of 1,365.000 Unit in Feb 2012. United States Pending Sales: All Residential: New York data remains active status in CEIC and is reported by Redfin. The data is categorized under Global Database’s United States – Table US.EB045: Pending Home Sales: by States.

The U.S. housing market has seen significant price growth since 2011, with the median sales price of existing single-family homes reaching a record high of ******* U.S. dollars in 2024. This represents a substantial increase of ******* over the past five years, highlighting the rapid appreciation of home values across the country. The trend of rising prices can also be observed in the new homes sold. Regional variations and housing shortage While the national median price provides a broad overview, regional differences in home prices are notable. The West remains the most expensive region, with prices twice higher than in the more affordable Midwest. This disparity persists despite efforts to increase housing supply. In 2024, approximately ******* building permits for single-family housing units were granted, showing a slight increase from previous years but still well below the 2005 peak of **** million permits. The ongoing housing shortage continues to drive prices upward across all regions. Market dynamics and future outlook The number of existing home sales has plummeted since 2020, reflecting the growing cost of homeownership. Factors such as high home prices, unfavorable economic conditions, and aggressive increases in mortgage rates have contributed to affordability challenges for many potential homebuyers. Despite these challenges, forecasts suggest a potential recovery in the housing market by 2025, though transaction volumes are expected to remain below long-term averages.

Australia New Home Sales: sa: Queensland data was reported at 1,084.000 Unit in Aug 2020. This records an increase from the previous number of 910.000 Unit for Jul 2020. Australia New Home Sales: sa: Queensland data is updated monthly, averaging 1,390.000 Unit from Dec 1999 (Median) to Aug 2020, with 249 observations. The data reached an all-time high of 2,935.000 Unit in Feb 2006 and a record low of 627.000 Unit in May 2020. Australia New Home Sales: sa: Queensland data remains active status in CEIC and is reported by Housing Industry Association. The data is categorized under Global Database’s Australia – Table AU.EB013: New Home Sales: Seasonally Adjusted (Discontinued).

New Listings: sa: All Residential: Columbus, OH data was reported at 2,718.197 Unit th in Jul 2020. This records an increase from the previous number of 2,536.778 Unit th for Jun 2020. New Listings: sa: All Residential: Columbus, OH data is updated monthly, averaging 2,757.736 Unit th from Feb 2012 (Median) to Jul 2020, with 102 observations. The data reached an all-time high of 3,020.602 Unit th in May 2018 and a record low of 2,309.449 Unit th in Apr 2020. New Listings: sa: All Residential: Columbus, OH data remains active status in CEIC and is reported by Redfin. The data is categorized under Global Database’s United States – Table US.EB034: New Homes Listed for Sale: by Metropolitan Areas: Seasonally Adjusted.

The quarterly number of single family-home sales in Florida reached ****** in the first quarter of 2024. This was an increase over the previous quarter but below the first quarter in 2023. The value of single-family homes transactions in Florida followed a similar trend in this period.

New Listings: sa: All Residential: Concord, NH data was reported at 207.768 Unit th in Jul 2020. This records an increase from the previous number of 202.252 Unit th for Jun 2020. New Listings: sa: All Residential: Concord, NH data is updated monthly, averaging 219.266 Unit th from Feb 2012 (Median) to Jul 2020, with 102 observations. The data reached an all-time high of 290.123 Unit th in Jun 2015 and a record low of 111.151 Unit th in Apr 2020. New Listings: sa: All Residential: Concord, NH data remains active status in CEIC and is reported by Redfin. The data is categorized under Global Database’s United States – Table US.EB034: New Homes Listed for Sale: by Metropolitan Areas: Seasonally Adjusted.

Graph and download economic data for Monthly Supply of New Houses in the United States (MSACSR) from Jan 1963 to Jun 2025 about supplies, new, housing, and USA.

Housing Starts in the United States increased to 1321 Thousand units in June from 1263 Thousand units in May of 2025. This dataset provides the latest reported value for - United States Housing Starts - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

New Home Sales in Australia remained unchanged at 4583 Units in June. This dataset provides the latest reported value for - Australia New Home Sales - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.