Home sales slowed, but they did not stand still. By February 2024, the U.S. already had 3.7 months of existing home supply, and listing activity was still climbing with 1.07 million homes for sale nationwide. The twist is in who bought and how they bought, from cash share to first time buyers and even what buyers did with their attention span before signing.
Key Takeaways
- First-time buyers comprised 27% of U.S. purchases in 2023 NAR survey.
- Repeat buyers made up 73% of home sales in 2023, highest on record.
- Median age of homebuyers rose to 56 years old in 2023.
- Months' supply of existing homes nationally was 3.7 months in February 2024.
- Total U.S. active listings for sale reached 1.07 million in February 2024, up 15% YoY.
- New homes for sale inventory was 482,000 units in March 2024, 8.1 months supply.
- National median home price hit $389,800 in February 2024, up 5.4% YoY.
- U.S. average home sales price in 2023 was $499,600 for existing homes.
- New home median sales price reached $414,300 in March 2024, down 2.9% YoY.
- In 2023, U.S. existing-home sales reached 4.09 million units, marking a 19.0% decline from 5.03 million in 2022, the lowest since 1995.
- New single-family home sales in the U.S. totaled 668,000 units in 2023, up 3.1% from 2022 but still below pre-pandemic averages.
- Total U.S. home sales (existing and new) in Q4 2023 were 1.02 million units, down 4.3% year-over-year.
- Existing-home sales in the Northeast totaled 610,000 units in 2023.
- Midwest home sales reached 1.10 million units in 2023, down 15% YoY.
- South region dominated with 2.00 million existing sales in 2023, 49% national share.
First-time buyers fell to 27% in 2023 as an older repeat buyer and low inventory kept prices rising.
Related reading
01 · Category
Buyer Demographics26 stats
01
First-time buyers comprised 27% of U.S. purchases in 2023 NAR survey.
02
Repeat buyers made up 73% of home sales in 2023, highest on record.
03
Median age of homebuyers rose to 56 years old in 2023.
04
22% of buyers were single females, 10% single males in 2023 survey.
05
All-cash buyers accounted for 28% of U.S. home sales in 2023.
06
Investor purchases dropped to 15% of sales in 2023 from 19% in 2022.
07
Median household income of buyers was $107,000in 2023 NAR data.
08
51% of buyers used Realtor agent, down from 87% in 2020.
09
Remote workers share among buyers fell to 20% in 2023 from 28% peak.
10
Baby Boomers downsizing sales share 28% in 2023.
11
38% of buyers looked at 10 homes or fewer before purchase in 2023.
12
iBuyers share of transactions negligible at 1% in 2023.
13
26% of 2023 buyers were born outside U.S., highest in NAR history.
14
College-educated buyers 55% of total in 2023 survey.
15
VA loan usage 11% of financed purchases in 2023.
16
89% of buyers financed with mortgage, down from 92% pre-2022.
17
Median down payment 14% of purchase price in 2023.
18
Millennial buyers (under 43) 38% share in 2023, down from 45%.
19
17% of buyers were same-state movers, 12% long-distance in 2023.
20
FHA loans 17% of purchase mortgages in 2023.
21
62% of buyers prioritized price over location in 2023 survey.
22
Retiree buyers increased to 22% of market in 2023.
23
45% of buyers cited high rates as top purchase obstacle 2023.
24
Cash buyers median age 63 vs 49 for financed in 2023.
25
34% of young buyers (25-34) delayed purchase due to affordability 2023.
26
Institutional investor sales 4% of total single-family in 2023.
Interpretation
Buyer Demographics Interpretation
Amidst a market where wisdom, wallets, and wrinkles hold sway, the American dream of homeownership is increasingly becoming a sequel dominated by older, cash-rich repeat buyers, leaving first-timers to navigate a steep climb of high prices, higher rates, and the daunting shadow of a 56-year-old median buyer.
02 · Category
Inventory Levels26 stats
01
Months' supply of existing homes nationally was 3.7 months in February 2024.
02
Total U.S. active listings for sale reached 1.07 million in February 2024, up 15% YoY.
03
New homes for sale inventory was 482,000 units in March 2024, 8.1 months supply.
04
Existing-home inventory jumped 18.1% month-over-month to 1.18 million in March 2024.
05
National new listings increased 8% YoY in Q1 2024 to 350,000 per month average.
06
U.S. homes under contract represented 32% of active inventory in early 2024.
07
Shadow inventory (pre-foreclosure) was only 0.4% of all homes in 2023.
08
Total unsold new home inventory hit 9-month supply peak since 2009 in 2023.
09
Existing single-family inventory was 870,000 units end of 2023, up 25% YoY.
10
Median days on market rose to 65 days nationally in February 2024.
11
New construction listings share of total inventory reached 20% in Q1 2024.
12
U.S. listings with price drops increased to 32% of active in March 2024.
13
Inventory of homes priced under $500k grew 12% YoY in 2023.
14
Total U.S. housing inventory per Freddie Mac was 3.2 months in Q4 2023.
15
Condo inventory surged 30% YoY to 220,000 units in early 2024.
16
Builder inventory of completed new homes was 108,000 in March 2024.
17
Active listings in suburbs grew 18% faster than urban in 2023.
18
U.S. total supply (active + pending) was 1.5 million homes in Q1 2024.
19
Under-construction new homes numbered 374,000 in March 2024.
20
Inventory-to-sales ratio for existing homes was 4.3 months average 2023.
21
Luxury inventory ($1M+) doubled to 6 months supply in 2023.
22
National seller's market share (under 5 months supply) dropped to 15% metro areas in 2024.
23
New listings per day averaged 40,000 in March 2024, up 10% YoY.
24
Total U.S. vacant homes for sale were 1.2 million in 2023 Census data.
25
Existing-home active inventory per NAR was 28.2% above 2019 levels in Feb 2024.
26
Southern region had 4.2 months supply of existing homes in Q1 2024.
Interpretation
Inventory Levels Interpretation
While the historically tight market is finally cracking open with inventory rising faster than a nervous seller's discount, the persistent shortage of available homes means buyers shouldn't expect a bargain bin free-for-all just yet.
03 · Category
Median Home Prices26 stats
01
National median home price hit $389,800in February 2024, up 5.4% YoY.
02
U.S. average home sales price in 2023 was $499,600for existing homes.
03
New home median sales price reached $414,300in March 2024, down 2.9% YoY.
04
Year-over-year median price growth slowed to 3.8% in Q1 2024 nationally.
05
U.S. median price per square foot for sold homes was $239in 2023.
06
Existing-home median price in Northeast was $415,200in February 2024, up 9.0% YoY.
07
National median list price for homes in March 2024 was $425,000,per Realtor.com.
08
Average sales price for U.S. single-family homes was $417,700in 2023.
09
Median price of homes sold to first-time buyers was $320,000in 2023 NAR survey.
10
U.S. median home price peaked at $402,300in June 2023 before slight decline.
11
New home average sales price was $528,300in 2023, 21% above existing.
12
Year-end 2023 median sales price for condos was $345,000nationally.
13
Q4 2023 median home price rose 6.2% YoY to $393,500.
14
Median price growth for starter homes (<$300k) slowed to 2.5% in 2023.
15
Luxury median price ($1M+) surged 8.5% YoY to $1.95M in Q1 2024.
16
National median price-to-income ratio for homebuyers reached 5.6 in 2023.
17
Existing-home prices rose 4.4% YoY in January 2024 to $384,500 median.
18
Average price per square foot increased 5.1% YoY to $245 in February 2024.
19
Median sales price in Midwest was $295,200in February 2024, up 4.7% YoY.
20
U.S. median home value per Zillow was $347,179end of 2023.
21
Home price index (Case-Shiller) rose 5.1% YoY in December 2023.
22
Median price for all-cash sales was 10% higher than financed in 2023.
23
National median closing price in Q1 2024 was $398,500,up 4.9% YoY.
24
Existing homes sold above list price dropped to 28% in 2023 from 50% in 2022.
25
Median home price in West region was $525,000in February 2024, down 0.2% YoY.
26
U.S. active listings median price was $430,000in March 2024.
Interpretation
Median Home Prices Interpretation
While the American dream of homeownership remains a hot commodity—evidenced by luxury prices soaring near $2 million—the market's frantic sprint is now showing signs of a stitch in its side, with first-time buyers left panting at the sidelines as median prices stubbornly climb despite the slight moderation in growth.
More related reading
04 · Category
National Sales Volume30 stats
01
In 2023, U.S. existing-home sales reached 4.09 million units, marking a 19.0% decline from 5.03 million in 2022, the lowest since 1995.
02
New single-family home sales in the U.S. totaled 668,000 units in 2023, up 3.1% from 2022 but still below pre-pandemic averages.
03
Total U.S. home sales (existing and new) in Q4 2023 were 1.02 million units, down 4.3% year-over-year.
04
Pending home sales index for the U.S. stood at 71.5 in December 2023, down 4.2% from November.
05
U.S. homes sold in January 2024 numbered 4.00 million at a seasonally adjusted annual rate, up 3.1% from December 2023.
06
Existing-home sales in February 2024 were 4.38 million units annually, up 9.3% month-over-month but down 4.3% year-over-year.
07
New home sales in March 2024 hit 693,000 units seasonally adjusted annual rate, highest since October 2023.
08
U.S. home sales pace in Q1 2024 averaged 4.15 million units annually, reflecting slight recovery amid high rates.
09
Existing condo sales in 2023 totaled 490,000 units, down 12% from 2022.
10
Total U.S. single-family home sales in 2023 were 3.60 million existing plus 668,000 new, totaling 4.27 million.
11
Months' supply of existing homes reached 3.9 months in January 2024, up from 3.6 in December.
12
U.S. home sales fell to 4.09 million in 2023 from pandemic peak of 6.0 million in 2021.
13
Signed contracts for homes in February 2024 rose 6.5% month-over-month per pending sales index of 75.4.
14
New home sales months' supply was 8.1 months in March 2024, indicating balanced market.
15
Existing-home sales in the South region totaled 1.75 million in 2023, 43% of national total.
16
U.S. total housing starts influencing sales were 1.41 million units in 2023.
17
Home sales closings in Q3 2023 dropped 14% year-over-year to 950,000 units.
18
Repeat sales index showed U.S. home sales volume down 18% in 2023 vs 2022.
19
U.S. all-cash home sales represented 33% of transactions in Q1 2024.
20
Distressed sales (foreclosures/short sales) were only 2% of U.S. home sales in 2023.
21
Median days on market for U.S. homes sold in 2023 was 52 days, up from 29 in 2021.
22
U.S. home sales per 1,000 population in 2023 was 12.3, down from 18.2 in 2021.
23
Existing single-family sales dominated at 85% of total existing sales in 2023.
24
New multifamily sales added negligible volume to overall home sales in 2023.
25
U.S. luxury home sales ($1M+) fell 50% in 2023 from 2022 peaks.
26
First-time buyer sales share dropped to 27% of total in 2023 NAR survey.
27
Total U.S. home sales contracts signed in 2023 were down 20% per NAR index.
28
Seasonal adjustment showed Q2 2023 sales peak at 4.15 million annual rate.
29
U.S. home sales growth rate was -18.9% in 2023, worst since 2008.
30
Existing-home sales inventory at 1.01 million units end of 2023, up 20% YoY.
Interpretation
National Sales Volume Interpretation
The housing market took a long nap after its pandemic fever dream, woke up with a stiff 19% hangover in 2023, and is now cautiously sipping water—with new construction offering a hesitant straw—as it stares down the daunting stairs of mortgage rates.
05 · Category
Regional Differences27 stats
01
Existing-home sales in the Northeast totaled 610,000 units in 2023.
02
Midwest home sales reached 1.10 million units in 2023, down 15% YoY.
03
South region dominated with 2.00 million existing sales in 2023, 49% national share.
04
Western U.S. existing-home sales were 890,000 in 2023, sharpest 24% YoY drop.
05
Florida home sales volume fell 20% in 2023 to 450,000 units statewide.
06
Texas single-family sales hit 300,000 in 2023, up 5% despite national decline.
07
California existing sales totaled 280,000 in 2023, down 25% YoY amid high prices.
08
New York metro area sales dropped 18% to 110,000 homes in 2023.
09
Atlanta MSA sales were 45,000 in Q4 2023, flat YoY.
10
Phoenix home sales fell 15% YoY to 65,000 in 2023 after boom.
11
Midwest states like Ohio saw 8% sales growth in rural areas 2023.
12
Sun Belt sales share rose to 55% of national total in 2023.
13
Northeast condo sales declined 10% less than single-family in 2023.
14
Denver metro sales volume 55,000 in 2023, down 2% YoY.
15
Seattle area sales plunged 28% to 40,000 homes in 2023.
16
Florida Panhandle sales up 12% YoY in 2023 vs state average.
17
Rust Belt cities like Detroit saw 15% sales increase in 2023.
18
Austin TX sales fell 22% to 35,000 in 2023 post-migration peak.
19
Las Vegas sales stable at 28,000 in 2023, down only 1%.
20
Midwest inventory growth led nation at 30% YoY in Q1 2024.
21
Boise ID sales dropped 25% to 15,000 after 2021-22 surge.
22
Northeast median days on market 45 days vs West's 35 in 2023.
23
South Carolina coastal sales up 10% to 80,000 statewide 2023.
24
Pacific Northwest new home sales share 25% of total vs 15% national.
25
Chicago metro sales 90,000 in 2023, up 5% in suburbs.
26
Miami-Dade sales 45,000 condos/single-family combined 2023.
27
Existing-home sales in South rose 2% MoM in February 2024.
Interpretation
Regional Differences Interpretation
The nation's housing market in 2023 was a tale of two suns, with the South continuing to shine bright as the dominant region while the once-red-hot West and certain pandemic boomtowns saw their fortunes cool sharply, though not without a few surprising pockets of resilience and growth.
Reference
Cite This Report
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APA
Catherine Wu. (2026, February 13). Home Sales Statistics. Gitnux. https://gitnux.org/home-sales-statistics
MLA
Catherine Wu. "Home Sales Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/home-sales-statistics.
Chicago
Catherine Wu. 2026. "Home Sales Statistics." Gitnux. https://gitnux.org/home-sales-statistics.
Sources & references
29 datasets cited across this report · attribution is report-level