Number of new housing units sold in the U.S. 1995-2020

The number of new houses sold in the United States took a big hit during the financial crisis, dropping from a high of around 1.3 million houses sold in 2005 to a low of 306 thousand homes sold in 2011 – around a 76 percent decrease. While the economy has largely recovered since the crisis, consumers remained hesitant when it comes to buying homes. In 2020, house sales volumes spiked to 820,000, marking the highest increase seen in the recent years.

House prices on the rise

Meanwhile, the median sales price of new homes continues to rise despite the coronavirus (COVID-19) crisis. In fact, many Americans found that they were more interested in buying a home as a result of the pandemic.

What types of homes are Americans buying?

Undoubtedly, detached single-family houses make up the majority of home purchases in the U.S. Approximately 88 percent of older Millennials who bought a home between July 2019 and June 2020 shared that they bought a detached single-family house. Regardless of the age group, the most popular location to purchase a home is in the suburbs or in a subdivision.