Despite the coronavirus (COVID-19) pandemic, the housing market in the United States has been booming, with house sales reaching 762,000 in 2021, the second highest figure since 2007. Considering that more than two in three house purchases were financed through a conventional mortgage, it is of no surprise that the record low mortgage interest rates are one of the main factors fueling the demand.
How has the increase in sales activity influenced house prices?
When demand outweighs supply, prices tend to increase. In the United States, the recent spike in house sales has contributed to average house prices to grow at a higher pace than in recent years. Furthermore, the rising house price-to-income ratio indicates that homes are becoming less affordable.
Has the coronavirus (COVID-19) pandemic affected Americans’ homeownership plans?
Overall, the coronavirus (COVID-19) pandemic has positively influenced the homeownership plans of people in the U.S. According to a survey conducted among American adults, 28 percent of Millennials were more interested in buying a home due to the coronavirus pandemic, compared to 13 percent who were less interested.
Number of new house sales in the United States from 2000 to 2021, by financing type
(in thousands)
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US Census Bureau. (March 23, 2022). Number of new house sales in the United States from 2000 to 2021, by financing type (in thousands) [Graph]. In Statista. Retrieved May 21, 2022, from https://www.statista.com/statistics/185206/us-house-sales-with-fha-and-va-insured-mortgages-from-2002/
US Census Bureau. "Number of new house sales in the United States from 2000 to 2021, by financing type (in thousands)." Chart. March 23, 2022. Statista. Accessed May 21, 2022. https://www.statista.com/statistics/185206/us-house-sales-with-fha-and-va-insured-mortgages-from-2002/
US Census Bureau. (2022). Number of new house sales in the United States from 2000 to 2021, by financing type (in thousands). Statista. Statista Inc.. Accessed: May 21, 2022. https://www.statista.com/statistics/185206/us-house-sales-with-fha-and-va-insured-mortgages-from-2002/
US Census Bureau. "Number of New House Sales in The United States from 2000 to 2021, by Financing Type (in Thousands)." Statista, Statista Inc., 23 Mar 2022, https://www.statista.com/statistics/185206/us-house-sales-with-fha-and-va-insured-mortgages-from-2002/
US Census Bureau, Number of new house sales in the United States from 2000 to 2021, by financing type (in thousands) Statista, https://www.statista.com/statistics/185206/us-house-sales-with-fha-and-va-insured-mortgages-from-2002/ (last visited May 21, 2022)
