Number of home sales in the U.S. 2014-2023 with forecast until 2025
The number of home sales in the United States peaked in 2021 at almost seven million after steadily rising since 2018. Nevertheless, the market contracted in the next two years, with transaction volumes falling to 4.8 million in 2023. A major factor driving this trend is the unprecedented increase in mortgage interest rates due to high inflation.
Home prices
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.
Housing market
The number of housing units in the U.S. steadily rose between 1975 and 2010, but has remained stable since then. In 2021, there were 142 million existing housing units in the United States. The volume of homes started in the U.S. has also been increasing since 2011. This trend mirrors the economic recovery after the global financial crisis and property crash (2007-2009).
