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

• 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 year-end value of the S&P Case Shiller National Home Price Index amounted to 310.76 in December 2023. 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.

Graph and download economic data for Median Sales Price of Houses Sold for the United States (MSPUS) from Q1 1963 to Q4 2024 about sales, median, housing, and USA.

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.

Housing Index in Malta increased to 165.22 points in the third quarter of 2024 from 162.74 points in the second quarter of 2024. This dataset provides - Malta House Price Index - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Housing Index in South Korea decreased to 93 points in February from 93.10 points in January of 2025. This dataset provides - South Korea House Price Index - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The average house price in British Columbia in 2024 stood at about 982,100 Canadian dollars and, according to the forecast, is set to increase by two percent, reaching 1,001,871 Canadian dollars in the following year. The average house price in Canada is forecast to grow in the next two years.

New Zealand's average farm sale prices showed significant regional variations in the three months to November 2024. The price of farm property in the country was the highest in the Nelson/Marlborough/Tasman region as of November 2024, with an average sale price of around 148,180 New Zealand dollars per hectare. In comparison, in the Auckland region, the average farm sales price came to just over 61,000 dollars per hectare. A farming nation The agriculture industry is a major economic pillar of the country. The contribution to the nation’s GDP is valued in the billions of New Zealand dollars. Horticulture, livestock, and dairying are all important segments, and the commodities produced within them are exported across the globe. While sheep livestock numbers have declined, they still make up a large share of the country’s livestock population. Horticultural farming While New Zealand exports various horticultural products, including wine grapes, potatoes, and apples, it is perhaps best known for its kiwi fruit. Accordingly, the land area dedicated to kiwi fruit farming has continued to increase over the years. New Zealand’s leading horticultural product export destinations include Asia, Europe, and Australia.