The average home in the U.S. sold for several percent below its asking price in December 2022, as a result of the housing market slowing. Just a few months before that, In the second quarter of 2022, the so-called sale-to-list price ratio went above 100. This reflected the high housing demand and the need of prospective home buyers to bid above the asking price. Housing demand - as measured in pending home sales - went up, as mortgage rates were historically low and plummeted once rates were increased.

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.

Graph and download economic data for Median Sales Price of Existing Homes (HOSMEDUSM052N) from May 2024 to May 2025 about sales, median, housing, and USA.

In October 2024, the median sales price of an existing single-family home in Del Norte, California saw an increase of nearly 30 percent, compared to the 5.8 percent increase in the state. 20 counties saw prices fall during this period. In Trinity, the median sales price of single-family homes decreased by approximately 36 percent.

Graph and download economic data for Median Sales Price for New Houses Sold in the United States (MSPNHSUSA) from 1963 to 2024 about new, sales, median, housing, price, and USA.

Median Sales Price of Houses Sold for the United States was 416900.00000 $ in January of 2025, according to the United States Federal Reserve. Historically, Median Sales Price of Houses Sold for the United States reached a record high of 442600.00000 in October of 2022 and a record low of 17800.00000 in January of 1963. Trading Economics provides the current actual value, an historical data chart and related indicators for Median Sales Price of Houses Sold for the United States - last updated from the United States Federal Reserve on July of 2025.

In October 2024, the median sales price of an existing single-family home in San Mateo, California was *********** U.S. dollars. This was more than double the median sales price in the state of California. The most affordable county was Trinity, where an existing single family home sold for approximately ******* U.S. dollars.

Graph and download economic data for New Houses Sold by Sales Price (All Prices) in the United States (NHSUSSPTQ) from Q1 2020 to Q1 2025 about new, sales, housing, and USA.

Graph and download economic data for Median Sales Price of Existing Single-Family Homes (HSFMEDUSM052N) from May 2024 to May 2025 about 1-unit structures, family, sales, median, housing, price, and USA.

VITAL SIGNS INDICATOR Home Prices (EC7)

FULL MEASURE NAME Home Prices

LAST UPDATED August 2019

DESCRIPTION Home prices refer to the cost of purchasing one’s own house or condominium. While a significant share of residents may choose to rent, home prices represent a primary driver of housing affordability in a given region, county or city.

DATA SOURCE Zillow Median Sale Price (1997-2018) http://www.zillow.com/research/data/

Bureau of Labor Statistics: Consumer Price Index All Urban Consumers Data Table (1997-2018; specific to each metro area) http://data.bls.gov

CONTACT INFORMATION vitalsigns.info@bayareametro.gov

METHODOLOGY NOTES (across all datasets for this indicator) Median housing price estimates for the region, counties, cities, and zip code come from analysis of individual home sales by Zillow. The median sale price is the price separating the higher half of the sales from the lower half. In other words, 50 percent of home sales are below or above the median value. Zillow defines all homes as single-family residential, condominium, and co-operative homes with a county record. Single-family residences are detached, which means the home is an individual structure with its own lot. Condominiums are units that you own in a multi-unit complex, such as an apartment building. Co-operative homes are slightly different from condominiums where the homeowners own shares in the corporation that owns the building, not the actual units themselves.

For metropolitan area comparison values, the Bay Area metro area’s median home sale price is the population-weighted average of the nine counties’ median home prices. Home sales prices are not reliably available for Houston, because Texas is a non-disclosure state. For more information on non-disclosure states, see: http://www.zillow.com/blog/chronicles-of-data-collection-ii-non-disclosure-states-3783/

Inflation-adjusted data are presented to illustrate how home prices have grown relative to overall price increases; that said, the use of the Consumer Price Index does create some challenges given the fact that housing represents a major chunk of consumer goods bundle used to calculate CPI. This reflects a methodological tradeoff between precision and accuracy and is a common concern when working with any commodity that is a major component of CPI itself.

According to home builders, the construction costs comprise the largest share of the sales price of a single-family home, followed by the finishing lot cost. In 2024, these two categories accounted for about ** percent of the final property price. The cost of finishing the lot as a share of all costs has decreased notably, falling by ** percentage points since 1998. In 2024, the breakdown applies to a home with an average lot size of approximately ****** square feet, finished area of ***** square feet, and an average final sales price of ******* U.S. dollars. This is much higher than the median sales price of a newly built home according to the US Census Bureau, but the source explains that with the survey design, which gives more weigh to smaller builders who potentially operate in the higher priced-segment.

New Houses Sold by Sales Price (All Prices) in the United States was 184.00000 Thous. of Units in January of 2025, according to the United States Federal Reserve. Historically, New Houses Sold by Sales Price (All Prices) in the United States reached a record high of 351.00000 in April of 2005 and a record low of 66.00000 in October of 2010. Trading Economics provides the current actual value, an historical data chart and related indicators for New Houses Sold by Sales Price (All Prices) in the United States - last updated from the United States Federal Reserve on June of 2025.

Telluride, CO, was the most expensive market for luxury single-family home market in the United States in 2025. In February that year, the median sales price of a single-family home in Telluride was 4.5 million U.S. dollars. Ft. Lauderdale, FL, and Park City, UT were other locations that fetched prices over four million U.S. dollars.

As compared to the previous year, the median price for home sales in Manhattan, New York decreased in the first quarter of 2023. In that quarter, the home price reached the median of **** million U.S. dollars, down from *** million U.S. dollars the year before. In other New York boroughs, such as Brooklyn, and Queens, and Bronx, the median home prices followed the opposite trend.

Median Sales Price of Existing Homes: 1 years of historical data from 2024 to 2025.

The median home sales price is the middle value of the prices for which homes are sold (both market and private transactions) within a calendar year. The median value is used as opposed to the average so that both extremely high and extremely low prices do not distort the prices for which homes are sold. This measure does not take into account the assessed value of a property.Source: First American Real Estate Solutions (FARES) and RBIntel (2022-forward)Years Available: 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2022, 2023

United States New 1 Family Houses Sold: By Sales Prices: USD 150000 to 199999 data was reported at 7.000 Unit th in Jun 2018. This records a decrease from the previous number of 9.000 Unit th for May 2018. United States New 1 Family Houses Sold: By Sales Prices: USD 150000 to 199999 data is updated monthly, averaging 8.000 Unit th from Jan 2002 (Median) to Jun 2018, with 198 observations. The data reached an all-time high of 27.000 Unit th in Aug 2003 and a record low of 3.000 Unit th in Jan 2011. United States New 1 Family Houses Sold: By Sales Prices: USD 150000 to 199999 data remains active status in CEIC and is reported by US Census Bureau. The data is categorized under Global Database’s USA – Table US.EB001: New One Family House Unit: Sold and For Sale.

United States New 1 Family Houses Sold: By Sales Prices: USD 200000 to 299999 data was reported at 15.000 Unit th in Sep 2018. This stayed constant from the previous number of 15.000 Unit th for Aug 2018. United States New 1 Family Houses Sold: By Sales Prices: USD 200000 to 299999 data is updated monthly, averaging 15.000 Unit th from Jan 2002 (Median) to Sep 2018, with 201 observations. The data reached an all-time high of 33.000 Unit th in Mar 2005 and a record low of 5.000 Unit th in Nov 2010. United States New 1 Family Houses Sold: By Sales Prices: USD 200000 to 299999 data remains active status in CEIC and is reported by US Census Bureau. The data is categorized under Global Database’s USA – Table US.EB001: New One Family House Unit: Sold and For Sale.

Displacement risk indicator classifying census tracts according to single-family home sale prices in census tracts where at least 100 single-family homes exist. We classify arms-length transactions only along two dimensions:

1. The median price of sales within the census tract for the specified year, balancing between nominal sale price and sale price per square foot.
2. The change in median sale price (again balanced between nominal sale price and price per square foot) from the previous year.