Median sale price of existing homes sold in the U.S. 2017-2022 with forecast for 2023

In the third quarter of 2022, the median price of existing homes in the U.S. was 392,000 U.S. dollars, which is set to decrease to 380,000 U.S. dollars by the end of 2023. Since 2017, there has been a price jump between the first two quarters of each year, followed by a gradual decrease until the next year. This trend is forecast to continue in 2023, despite the increase of mortgage rates in 2022.

Growth in new home prices also continues

New homes are valued more highly than existing homes, which can be explained by their superior energy efficiency, modern fittings and reduced need for home improvement projects. In 2021, the median sales price of new homes median sales price of new homes surged registering one of the largest price increases in recent years.

Where have house prices grown the most?

In just a year, home price appreciation in 11 states exceeded 20 percent. In many other states, the cost of a home rose by over 15 percent. Florida, Arizona, and North Carolina were the top three states where prices rose the most, while District of Colombia saw the most modest increase.