Number of new housing units sold in the U.S. 1995-2021

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 and 2021, demand for housing surged and house sales volumes spiked to 822,000, and 770,000 respectively.

House prices on the rise

Unsurprisingly, the median sales price of new homes continues to rise. 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 in 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.