Total home sales in the U.S. 2011-2021 with forecast until 2023

The number of home sales in the United States peaked in 2021 at almost seven million after steadily rising since 2011. Nevertheless, the market started contracting in 2022 and transaction volumes are expected to continue falling and reach 5.1 million sales in 2023. A major factor driving this trend is the record high increase in the mortgage in interest rates due to high inflation.

Home prices

The average sales price of new homes has also been rising since 2011. Buyer confidence seems to have recovered after the property crash, which has increased demand for homes and also the prices sellers are demanding for homes. At the same time, the affordability of U.S. homes has decreased.

Housing market

The number of housing units in the U.S. steadily rose between 1975 and 2010, but has remained stable since then. In 2021, there were 142 million housing units in existence in the United States. The volume of homes started in the U.S. has also been increasing since 2011. This trend mirrors the economic recovery after the global financial crisis and property crash (2007-2009).