House sales in the U.S. – additional information
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 remain hesitant when it comes to buying homes and the housing market has yet to recover.
Meanwhile, the median sales price of new homes continues to rise despite a climate of hesitant home buyers. Considering a variety of different concerns when it comes to the financial future of the United States, 44 percent of Americans were worried about not being able to pay their mortgage or rent as of 2016. Other top concerns included fears of not having enough money for retirement or paying for long-term care services.
While the price of homes continues to increase, median household income is on the decline, and it is no wonder people are not jumping back into home ownership. Furthermore, the average cost to attend university has risen and only 31 percent of non-retired workers believe that social security will continue to provide benefits of at least equal value to the benefits received by retirees today. Due to these conditions, it is likely that it will take a while for people to once again start investing in and buying homes.