While the housing market navigated a significant downturn with sales plummeting nearly 20% last year, a closer look at the latest data reveals surprising pockets of resilience and shifting opportunities for buyers and sellers alike.
Key Takeaways
- In Q4 2023, U.S. existing-home sales fell 4.3% month-over-month to a seasonally adjusted annual rate of 3.78 million units.
- Existing-home sales in the U.S. reached 4.09 million units in 2023, a 19.5% decline from 5.03 million in 2022.
- U.S. new single-family home sales averaged 668,000 units at a seasonally adjusted annual rate in 2023.
- In the Northeast U.S., existing-home sales totaled 460,000 units in 2023.
- Southern U.S. region saw 1.78 million existing-home sales in 2023.
- Midwest existing-home sales reached 890,000 units annually in 2023.
- U.S. national median existing-home price was $389,800 in Q4 2023.
- New single-family home median sales price reached $417,400 in Feb 2024.
- U.S. average home sale price hit $499,800 in 2023 per Redfin data.
- U.S. months' supply of homes at 3.3 months in Feb 2024.
- National active listings for sale rose 13.5% YoY to 1.1 million in March 2024.
- New home inventory stood at 462,000 units nationally in Feb 2024.
- U.S. average days on market for homes sold was 29 days in Feb 2024.
- Median days on market nationally increased to 65 days in Jan 2024.
- U.S. homes sold in under 30 days share fell to 30% in Q1 2024.
The U.S. housing market cooled in 2023 with sales dropping and prices rising slowly.
Buyer/Seller Demographics
- First-time buyers comprised 32% of U.S. home purchases in 2023.
- Repeat buyers made up 68% of U.S. home sales in 2023.
- Median age of U.S. home buyers was 56 years in 2023.
- 26% of U.S. buyers were millennials in 2023 NAR survey.
- All-cash buyers accounted for 28% of U.S. transactions in Q1 2024.
- Investor purchases were 16% of U.S. home sales in 2023.
- Median household income of buyers $107,000 in 2023.
- 17% of U.S. sellers relocated to a different state in 2023.
- Female-headed households bought 12% of homes in 2023.
- Baby boomers were 39% of U.S. home sellers in 2023.
- 89% of U.S. buyers financed with mortgages in 2023.
- Median tenure of sellers was 10 years in 2023 U.S.
- Racial minorities bought 22% of U.S. homes in 2023.
- 54% of U.S. buyers were married couples in 2023.
- Retirees represented 19% of home sellers in 2023.
- Gen Z buyers increased to 6% of total U.S. purchases in 2023.
- 23% of U.S. sellers downsized in 2023.
- Single female buyers 19% vs single male 10% in 2023.
- Institutional investors bought 3% of U.S. homes in 2023.
- Median buyer down payment 14% of purchase price in 2023.
- 45% of U.S. sellers had lived in home 10+ years in 2023.
- Vacation home buyers 7% of U.S. transactions in 2023.
- Median buyer FICO score 751 for U.S. home loans in 2023.
Buyer/Seller Demographics Interpretation
The American dream seems to be getting a gray-haired upgrade, as the housing market is increasingly dominated by financially secure repeat buyers and retirees, while first-timers and younger generations face a steep climb onto a property ladder that requires a robust income, a near-perfect credit score, and the grim resolve to compete against all-cash offers and investors.
Home Price Statistics
- U.S. national median existing-home price was $389,800 in Q4 2023.
- New single-family home median sales price reached $417,400 in Feb 2024.
- U.S. average home sale price hit $499,800 in 2023 per Redfin data.
- Median existing-home price rose 5.5% YoY to $382,500 in Jan 2024.
- Zillow ZHVI national home value index was $347,086 in March 2024.
- U.S. median sales price for all homes was $412,300 in 2023.
- Existing single-family home median price $393,500 in Q1 2024.
- CoreLogic national home price index up 5.5% YoY in Jan 2024.
- Median new home price averaged $511,100 in 2023.
- U.S. home prices grew 4.2% YoY to median $400,000 in Feb 2024.
- FHFA House Price Index rose 6.5% YoY in Q4 2023 nationally.
- Case-Shiller National Home Price Index up 5.1% YoY in Jan 2024.
- Median condo price nationally $357,400 in 2023.
- U.S. luxury home median sales price $1.2 million in 2023.
- Home price-to-income ratio averaged 5.6 nationally in 2023.
- Median price per square foot for U.S. homes $239 in 2023.
- National year-over-year home price growth slowed to 3.9% in March 2024.
- U.S. starter home median price $233,400 in Q4 2023.
- Trade-up home median sales price $393,000 nationally in 2023.
- Premium home median price $1,034,000 in U.S. 2023.
- Existing-home median price growth 4.4% YoY to $393,500 in Feb 2024.
Home Price Statistics Interpretation
Whether you prefer Zillow's $347,086, Redfin's nearly $500,000, or the simple reality that a starter home now costs more than a king's ransom, the clear consensus is that the American dream now requires a significantly heftier down payment.
Housing Inventory Statistics
- U.S. months' supply of homes at 3.3 months in Feb 2024.
- National active listings for sale rose 13.5% YoY to 1.1 million in March 2024.
- New home inventory stood at 462,000 units nationally in Feb 2024.
- U.S. homes for sale increased 16.6% YoY to 1.07 million in Jan 2024.
- Existing-home inventory averaged 3.6 months' supply in 2023.
- National new construction inventory share of total was 25% in 2023.
- U.S. total unsold inventory for existing homes 920,000 units in Q4 2023.
- Active listings up 24% YoY in some U.S. metros by March 2024.
- National shadow inventory estimated at 300,000 homes in 2023.
- Months' supply for new homes was 8.1 months in Feb 2024.
- U.S. listings of homes under $200k fell to 11% of total in 2023.
- National inventory of luxury homes grew 20% YoY in 2023.
- Existing single-family inventory at 3.2 months' supply in Jan 2024.
- Total U.S. housing stock for sale up 10.2% to 4.2 million units in 2023.
- New pending sales inventory index 75.3 in Jan 2024 nationally.
- U.S. condo inventory months' supply 5.2 months in 2023.
- National seller's market share dropped to 20% of metros in Q1 2024.
- Homes actively listed rose 2.6% month-over-month to 910k in Feb 2024.
Housing Inventory Statistics Interpretation
While a year-over-year uptick in listings is a welcome sight for parched buyers, a mere 3.3 months of overall supply means the market is still chugging along like a shared water fountain in a crowded gym, offering a tantalizing drop of hope but nowhere near enough to satisfy the deep, collective thirst.
Market Time and Trends Statistics
- U.S. average days on market for homes sold was 29 days in Feb 2024.
- Median days on market nationally increased to 65 days in Jan 2024.
- U.S. homes sold in under 30 days share fell to 30% in Q1 2024.
- National average time to pending was 16 days in Feb 2024.
- Days on market rose 50% YoY to 52 days nationally in March 2024.
- U.S. median days on market hit record 66 days in mid-2024.
- New homes average days on market 55 days in Feb 2024.
- Share of homes sold over asking fell to 20% nationally in 2023.
- U.S. price cuts on listings reached 40% of homes in spring 2024.
- Median time from listing to sale 45 days in 2023 U.S. average.
- National foreclosure starts up 10% YoY but low at 0.3% in 2023.
- U.S. homes with price reductions averaged 5.8% discount in Q1 2024.
- Average days on market for investor sales 20 days faster in 2023.
- National market hotness index cooled to 45 in March 2024.
- U.S. all-cash sales share dropped to 28% in Q1 2024.
- Distressed sales were 2% of total U.S. market in 2023.
- Median days to close after contract 35 days nationally in 2023.
- U.S. bidding wars occurred in 15% of sales in early 2024.
- Average time on market for luxury homes 90 days in 2023.
- National acceptance rate for offers 95% of asking in Feb 2024.
Market Time and Trends Statistics Interpretation
The U.S. housing market is officially in its 'cool girl' era, pretending not to be trying too hard as bidding wars fizzle, homes sit longer, and price cuts become the new flirty wink to get a deal done.
National Sales Statistics
- In Q4 2023, U.S. existing-home sales fell 4.3% month-over-month to a seasonally adjusted annual rate of 3.78 million units.
- Existing-home sales in the U.S. reached 4.09 million units in 2023, a 19.5% decline from 5.03 million in 2022.
- U.S. new single-family home sales averaged 668,000 units at a seasonally adjusted annual rate in 2023.
- Pending home sales in the U.S. dropped 4.9% month-over-month in January 2024 to an index of 75.3.
- U.S. home sales pace hit 3.94 million existing homes seasonally adjusted annual rate in February 2024, down 4.3% from January.
- Total U.S. home sales volume in 2022 was approximately 5.03 million existing homes.
- New home sales in the U.S. surged 11.9% month-over-month to 674,000 units SAAR in February 2024.
- U.S. existing-home sales increased 0.7% month-over-month to 4.60 million SAAR in July 2021 peak.
- Contract signings for U.S. homes rose 4.3% in February 2024 after seasonal adjustment.
- U.S. single-family home sales totaled 430,000 new units in 2023.
- Existing-condo sales in U.S. were 7.1% of total existing-home sales in 2023.
- U.S. home sales contracts fell 8% year-over-year in October 2023 to index 71.5.
- Peak U.S. existing-home sales hit 6.28 million SAAR in January 2021.
- New home sales in U.S. median months' supply was 8.1 months in February 2024.
- U.S. total housing sales including new and existing reached 5.77 million in 2022.
- Existing-home sales in U.S. South region led with 1.78 million units in 2023.
- U.S. pending home sales index averaged 92.4 in 2022 peak year.
- New single-family home sales rose 2.5% to 693,000 SAAR in December 2023.
- U.S. existing-home sales bottomed at 3.78 million SAAR in Q4 2023.
- Total U.S. resale homes sold in 2021 exceeded 6 million units.
- U.S. home sales fell 18.2% year-over-year to 4.09 million in 2023.
- Pending sales in U.S. Midwest jumped 8% month-over-month in Feb 2024.
- U.S. new home sales median price was $417,400 in February 2024.
- Existing-home sales share of single-family was 89% nationally in 2023.
- U.S. total home closings dipped to 4.1 million annualized in Jan 2024.
- New home sales inventory rose to 462,000 units in Feb 2024.
- U.S. existing sales in Northeast fell 10% YoY in Q1 2024.
- Pending home sales nationally up 6.5% YoY in April 2024.
- U.S. 2020 existing-home sales totaled 5.64 million units.
- New home sales SAAR averaged 622,000 units in 2024 Q1.
National Sales Statistics Interpretation
The U.S. housing market spent 2023 stubbornly impersonating a sloth, with sales slumping nearly 20% from the pandemic's frenzy, only to show flickers of a clumsy recovery in early 2024 as if remembering how to walk again.
Regional Sales Statistics
- In the Northeast U.S., existing-home sales totaled 460,000 units in 2023.
- Southern U.S. region saw 1.78 million existing-home sales in 2023.
- Midwest existing-home sales reached 890,000 units annually in 2023.
- Western U.S. existing-home sales were 910,000 units in 2023.
- California home sales volume was 280,345 units in 2023.
- Florida existing-home sales hit 346,000 in 2023 statewide.
- Texas home sales totaled 373,000 units in the top metros in 2023.
- New York metro area home sales fell 12% YoY to 45,000 in 2023.
- Atlanta MSA existing-home sales were 42,500 units in 2023.
- Phoenix home sales dropped 10.5% to 62,000 units in 2023.
- Chicago regional home sales totaled 28,000 in 2023.
- Denver metro sales volume was 45,200 homes in 2023.
- Seattle-area home sales fell 2% to 34,000 units in 2023.
- Miami-Fort Lauderdale sales reached 72,000 homes in 2023.
- Boston metro existing-home sales were 22,500 in 2023.
- Las Vegas home sales totaled 28,400 units in 2023.
- Portland OR metro sales volume 24,000 homes in 2023.
- Dallas-Fort Worth sales hit 112,000 homes in 2023.
- Philadelphia region home sales 55,000 units in 2023.
- San Francisco Bay Area sales fell 25% to 28,000 in 2023.
- Houston MSA home sales 95,000 units in 2023.
- Washington DC metro sales 38,000 homes in 2023.
- Tampa-St. Pete sales volume 65,000 units in 2023.
- Minneapolis-St. Paul home sales 36,000 in 2023.
- Sacramento metro sales 22,500 homes in 2023.
- Orlando FL sales totaled 42,000 homes in 2023.
- Riverside-San Bernardino sales 48,000 units in 2023.
- Austin TX metro sales fell to 38,000 in 2023.
Regional Sales Statistics Interpretation
While the South strutted its sunny dominance with nearly two million sales, the rest of the nation, led by a shrinking coastal elite and a surprisingly quiet Midwest, engaged in a more tentative real estate shuffle.
Sources & References
- Reference 1NARnar.realtorVisit source
- Reference 2CENSUScensus.govVisit source
- Reference 3FREDfred.stlouisfed.orgVisit source
- Reference 4REDFINredfin.comVisit source
- Reference 5CRCARcrcar.orgVisit source
- Reference 6FLORIDAREALTORSfloridarealtors.orgVisit source
- Reference 7HARhar.comVisit source
- Reference 8GCARgcar.comVisit source
- Reference 9CHICAGOREALTORchicagorealtor.comVisit source
- Reference 10DMAREALTORSdmarealtors.comVisit source
- Reference 11NWMLSnwmls.comVisit source
- Reference 12BOSTONboston.comVisit source
- Reference 13LASVEGASREALTORSlasvegasrealtors.comVisit source
- Reference 14RISMEDIArismedia.comVisit source
- Reference 15NTREISntreis.netVisit source
- Reference 16PAREALTORSparealtors.orgVisit source
- Reference 17BAYAREAREALTORSbayarearealtors.orgVisit source
- Reference 18MRISmris.comVisit source
- Reference 19MIAMIREALTORSmiamirealtors.comVisit source
- Reference 20MSPREALTORmsprealtor.comVisit source
- Reference 21SACREALTORsacrealtor.orgVisit source
- Reference 22ORLANDOREALTORSorlandorealtors.orgVisit source
- Reference 23ABORabor.comVisit source
- Reference 24ZILLOWzillow.comVisit source
- Reference 25CORELOGICcorelogic.comVisit source