The U.S. housing market was both a trigger for and significantly impacted by the 2007-2009 recession. Very attractive house prices, low mortgage interest rates and low standards for mortgage loans resulted in the growth of subprime debt, which meant that many homeowners struggled to afford their mortgage payments when the downturn began. However, the housing market has since recovered.
The U.S. house prices, as reflected by the S&P/Case Shiller U.S. National Home Price Index grew rapidly from 2000 to 2006, when they reached their peak, and then started to fall down in the following years. The house price growth trend began in 2012 again and since 2016 the house price index has exceeded its value from 2006. In 2018, the average new home was sold for 385 thousand U.S. dollars.
The U.S. housing market reached its trough in 2011, and the volume of home sales began to increase again. There were 683 thousand houses sold in the United States in 2019 - the largest figure since 2008. However, the U.S. homeownership rate has been on decline since 2005 and amounted to 65.1 percent in 2019.
Home flipping is a real estate term which refers to the practice of an investor buying property with the aim of reselling them for a profit. In 2017, the number of single family homes and condos flipped reached 207,000 in the United States. The leading house flipping markets by gross return on investment were concentrated on the east coast in the first quarter of 2018. East Stroudsburg, Pennsylvania led with a gross ROI of 164.1 percent in that period.
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In the following 5 chapters, you will quickly find the 36 most important statistics relating to "U.S. Housing Market".