Home > Real Estate & Construction > U.S. Home Sales Rebound May Stall as Prices and Interest Rates Rise

U.S. Home Sales Rebound May Stall as Prices and Interest Rates Rise, Business and Industry Trends Analysis

According to the National Association of Realtors (NAR), sales of existing (not new) homes in America fell from 7.08 million units in 2005 at the peak of the last boom, to 4.12 million in 2008 at the bottom during the last recession. For 2022, 5.03 million units were sold, down from 6.12 million units in 2021 and 5.64 million in 2020. In April 2023, the median price of a newly built home had soared to $503,300, up from $310,000 three years earlier. This means that affordability has become a very significant issue, as higher prices mean both larger down payments and higher monthly mortgage payments. 2022-2023 increases in mortgage interest rates compounded this problem.

The U.S. Census reported homeownership rates (that is, the percentage of households living in homes that they own) in 2022 at 65.8% (compared to 65.5% in 2021). 2006 saw homeownership at its highest point in history, at 68.9%.

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