National Housing Market Summary
Quarterly Key Indicators
Note: Change From Prior Period May Be Shown As a Percent Change or a Percentage-Point Change
Indicator |
Current Quarter |
Previous Quarter |
Year-Ago Quarter |
Previous Quarter |
Year-Ago Quarter |
Quarter as-of Date |
|---|
Show All | Housing Supply |
|---|
| Q4 2024Housing Permits (SAAR, thousands) | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Total | 1,465 | 1,434 | 1,524 | 2.2% | (u) | -3.9% | (u) | ||
| Single-Family | 981 | 957 | 1,001 | 2.5% | (u) | -2.0% | (u) | ||
| Multifamily (5+) | 430 | 422 | 473 | 1.9% | (u) | -9.0% | (u) | ||
| Q4 2024Housing Starts (SAAR, thousands) | |||||||||
| Total | 1,388 | 1,332 | (r) | 1,481 | 4.2% | (n) | -6.3% | (s) | |
| Single-Family | 1,016 | 971 | (r) | 1,060 | 4.7% | (n) | -4.1% | (n) | |
| Multifamily (5+) | 351 | 337 | (r) | 405 | 4.4% | (n) | -13.3% | (n) | |
| Q4 2024Under Construction (SA, thousands) | |||||||||
| Total | 1,429 | 1,490 | (r) | 1,679 | -4.1% | (s) | -14.9% | (s) | |
| Single-Family | 644 | 644 | 677 | 0.0% | (n) | -4.9% | (s) | ||
| Multifamily (5+) | 767 | 828 | (r) | 985 | -7.4% | (s) | -22.1% | (s) | |
| Q4 2024Housing Completions (SAAR, thousands) | |||||||||
| Total | 1,598 | 1,692 | (r) | 1,468 | -5.6% | (n) | 8.8% | (n) | |
| Single-Family | 974 | 1,046 | (r) | 994 | -6.9% | (s) | -2.0% | (n) | |
| Multifamily (5+) | 604 | 634 | (r) | 460 | -4.7% | (n) | 31.3% | (s) | |
| Q4 2024New Homes For Sale (SA) | |||||||||
| Inventory (thousands) | 488 | 473 | (r) | 449 | 3.2% | (s) | 8.7% | (s) | |
| Months' Supply (months) | 8.0 | 7.8 | (r) | 8.2 | 2.6% | (n) | -2.4% | (n) | |
| Q4 2024Existing Homes for Sale | |||||||||
| Inventory (NSA, thousands) | 1,140 | 1,360 | 990 | -16.2% | (u) | 15.2% | (u) | ||
| Months' Supply (months) | 3.2 | 4.2 | (r) | 3.0 | -23.8% | (u) | 6.7% | (u) | |
| Q4 2024Manufactured Home Shipments (SAAR, thousands) | |||||||||
| Manufactured Home Shipments (SAAR, thousands) | 106.6 | 105.0 | 94.7 | 1.6% | (u) | 12.6% | (u) | ||
Show All | Housing Demand |
|---|
| Q4 2024Home Sales (SAAR) | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| New Homes Sold (thousands) | |||||||||
| Single-Family | 679 | 708 | (r) | 646 | -4.1% | (n) | 5.1% | (n) | |
| Existing Homes Sold (thousands) | |||||||||
| Single-Family, Townhomes, Condos, Co-ops | 4,163 | 3,937 | (r) | 3,910 | 5.8% | (u) | 6.5% | (u) | |
| Condos and Co-ops | 397 | 380 | 407 | 4.4% | (u) | -2.5% | (u) | ||
| First-Time Buyers (%) | 29 | 27 | 29 | 2 | (u) | 0 | (u) | ||
| Investor Sales (%) | 15 | 16 | 16 | -1 | (u) | -1 | (u) | ||
| Q4 2024Home Sales Prices | |||||||||
| Median ($) | |||||||||
| New Homes | 419,200 | 415,300 | (r) | 423,200 | 0.9% | (u) | -0.9% | (u) | |
| Existing Homes | 404,967 | 414,100 | 386,933 | -2.2% | (u) | -4.3% | (u) | ||
| Repeat-Sales Home Price Indices | |||||||||
| FHFA (SA) | 427.8 | 421.8 | (r) | 409.4 | 1.4% | (u) | 4.5% | (u) | |
| CoreLogic Case-Shiller (SA) | 326.0 | 322.4 | (r) | 314.2 | 1.1% | (u) | 3.8% | (u) | |
| Q4 2024Homeownership Affordability | |||||||||
| Fixed Index | 100.8 | 99.3 | (r) | 94.4 | 1.6% | (u) | 6.9% | (u) | |
| National Average Mortgage Interest Rate (%) | 6.7 | 6.6 | 7.4 | 0.14 | (u) | -0.64 | (u) | ||
| Median-Priced Existing Single-Family Home ($) | 410,067 | 419,467 | (r) | 391,333 | -2.2% | (u) | 4.8% | (u) | |
| Median Family Income ($) | 102,795 | 101,881 | 97,800 | 0.9% | (u) | 5.1% | (u) | ||
| Q4 2024Rental Affordability | |||||||||
| HUD's Rental Affordability Index | 104.1 | 99.7 | (r) | 100.7 | 4.4% | (u) | 3.4% | (u) | |
| Multifamily Housing | |||||||||
| Apartments | |||||||||
| Completed Previous Quarter (thousands) | 143.6 | 118.4 | (r) | 84.8 | 21.3% | (n) | 69.3% | (s) | Q3 2024 |
| Leased Current Quarter (%) | 50 | 52 | (r) | 52 | -2 | (s) | -2 | (s) | Q4 2024 |
| Median Asking Rent ($) | 1,847 | 1,785 | (r) | 1,800 | 3.5% | (s) | 2.6% | (s) | |
| Condos and Co-ops | |||||||||
| Completed Previous Quarter (thousands) | 4.0 | 4.5 | (r) | 4.2 | -11.1% | (n) | -4.8% | (n) | Q3 2024 |
| Sold Current Quarter (%) | 63 | 64 | (r) | 68 | -1 | (s) | -5 | (s) | Q4 2024 |
| Median Asking Price ($) | 611,700 | 608,200 | (r) | 575,300 | 0.6% | (u) | 6.3% | (u) | |
| Manufactured Homes (SAAR) | |||||||||
| Shipped Previous Quarter (thousands) | 105.0 | 101.7 | 91.7 | 3.2% | (u) | 14.5% | (u) | Q3 2024 | |
| Sold and Placed Within Four Months (%)* | 55.3 | 58.4 | 60.5 | -5.3% | (n) | -8.6% | (n) | Q4 2024 | |
| Q4 2024Builders' Views of Market Activity (Composite Index) | |||||||||
| Builders' Views of Market Activity (Composite Index) | 45 | 40 | 37 | 12.5% | (u) | 21.6% | (u) | ||
Show All | Housing Finance and Investment |
|---|
| Q4 2024Mortgage Interest Rates (%)** | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 30-Year Fixed-Rate | 6.63 | 6.51 | 7.33 | 0.12 | (u) | -0.70 | (u) | ||
| 15-Year Fixed Rate | 5.83 | 5.69 | 6.67 | 0.14 | (u) | -0.84 | (u) | ||
| Q4 2024Mortgage Delinquency Rates (%) | |||||||||
| All Loans Past Due (SA) | 3.98 | 3.92 | 3.88 | 0.06 | (u) | 0.10 | (u) | ||
| Loans 90+ Days Past Due (SA) | 1.19 | 1.08 | 1.05 | 0.11 | (u) | 0.14 | (u) | ||
| Seriously Delinquent (90+ Days DQ & in FC, NSA) | 1.68 | 1.55 | 1.52 | 0.13 | (u) | 0.16 | (u) | ||
| Q3 2024FHA Market Share*** | |||||||||
| Dollar Volume (%) | |||||||||
| All Loans | 13.50 | 14.41 | (r) | 15.75 | -0.91 | (u) | -2.25 | (u) | |
| Purchase | 14.63 | 15.28 | (r) | 15.28 | -0.65 | (u) | -0.65 | (u) | |
| Refinance | 10.20 | 11.29 | (r) | 18.61 | -1.09 | (u) | -8.41 | (u) | |
| Loan Count (%) | |||||||||
| All Loans | 15.72 | 16.56 | (r) | 18.38 | -0.84 | (u) | -1.82 | (u) | |
| Purchase | 17.14 | 18.05 | (r) | 17.85 | -0.91 | (u) | 0.20 | (u) | |
| Refinance | 12.12 | 12.50 | (r) | 20.74 | -0.38 | (u) | -8.24 | (u) | |
| Q3 2024FHA Mortgage Insurance (thousands)**** | |||||||||
| Applications Received | 303.72 | 278.74 | (r) | 259.77 | 24.98 | (u) | 7.3% | (u) | |
| Endorsements | 211.98 | 199.93 | 212.70 | 12.05 | (u) | -6.0% | (u) | ||
| Purchase | 165.82 | 158.88 | 168.86 | 6.94 | (u) | -5.9% | (u) | ||
| Refinance | 46.16 | 41.05 | 43.84 | 5.11 | (u) | -6.4% | (u) | ||
| Q4 2024Private and VA Mortgage Insurance (thousands) | |||||||||
| PMI Certificates | N/A | N/A | N/A | N/A | |||||
| Veterans Affairs Guarantees | 144.82 | 129.02 | 84.90 | 12.2% | (u) | 70.6% | (u) | ||
| Q4 2024Residential Fixed Investment (SA real annual growth rate, %)***** | |||||||||
| Residential Fixed Investment (SA real annual growth rate, %) | 5.4 | -4.3 | (r) | 2.5 | 9.7 | (u) | 2.9 | (u) | |
| GDP (SA real annual growth rate, %) | 2.3 | 3.1 | (r) | 3.2 | -0.8 | (u) | -0.9 | (u) | |
| Housing's Contribution to Real GDP Growth (percentage points) | 0.21 | -0.18 | (r) | 0.10 | 0.39 | (u) | 0.11 | (u) | |
Show All | Homeownership and Vacancy |
|---|
| Q4 2024Homeownership Rates (%) | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Overall | 65.7 | 65.6 | 65.7 | 0.1 | (n) | 0.0 | (n) | ||
| Non-Hispanic | |||||||||
| White | 74.4 | 74.2 | 73.8 | 0.2 | (n) | 0.6 | (n) | ||
| Black | 47.0 | 46.4 | 46.8 | 0.6 | (n) | 0.2 | (s) | ||
| Other Race | 62.1 | 61.7 | 62.5 | 0.4 | (n) | -0.4 | (n) | ||
| Two or More Races | 52.2 | 50.5 | 53.5 | 1.7 | (n) | -1.3 | (s) | ||
| Hispanic | 48.8 | 48.8 | 49.8 | 0.0 | (n) | -1.0 | (n) | ||
| Q4 2024Vacancy Rates (%) | |||||||||
| Homeowner | 1.1 | 1.0 | 0.9 | 0.1 | (s) | 0.2 | (s) | ||
| Rental | 6.9 | 6.9 | 6.6 | 0.0 | (n) | 0.3 | (n) | ||
| Single Family | 6.1 | 6.0 | 5.6 | 0.1 | (n) | 0.5 | (n) | ||
| Multifamily (5+) | 8.2 | 8.0 | 7.7 | 0.2 | (n) | 0.5 | (n) | ||
| Q4 2024Housing Stock (thousands) | |||||||||
| All Housing Units | 147,418 | 147,029 | 145,863 | 0.3% | (u) | 1.1% | (u) | ||
| Owner Occupied | 86,943 | 86,620 | 86,160 | 0.4% | (n) | 0.9% | (s) | ||
| Renter Occupied | 45,462 | 45,494 | 44,953 | -0.1% | (n) | 1.1% | (n) | ||
| Vacant | 15,014 | 14,915 | 14,750 | 0.7% | (s) | 1.8% | (s) | ||
| Year-Round Vacant | 11,747 | 11,526 | 11,169 | 1.9% | (s) | 5.2% | (n) | ||
| For Rent | 3,397 | 3,413 | 3,221 | -0.5% | (n) | 5.5% | (n) | ||
| For Sale | 969 | 893 | 756 | 8.5% | (n) | 28.2% | (n) | ||
| Rented or Sold, Awaiting Occupancy | 803 | 995 | 783 | -19.3% | (s) | 2.6% | (s) | ||
| Held off Market | 6,577 | 6,225 | 6,409 | 5.7% | (s) | 2.6% | (n) | ||
| Occasional Use | 1,955 | 1,879 | 1,906 | 4.0% | (n) | 2.6% | (n) | ||
| Occupied - URE | 1,084 | 1,026 | 1,054 | 5.7% | (n) | 2.8% | (n) | ||
| Other | 3,538 | 3,321 | 3,450 | 6.5% | (s) | 2.6% | (n) | ||
| Seasonal Vacant | 3,267 | 3,389 | 3,581 | -3.6% | (n) | -8.8% | (n) | ||
| Q4 2024Households (thousands) | |||||||||
| Total | 132,404 | 132,114 | 131,113 | 0.2% | (s) | 1.0% | (s) | ||
SA = seasonally adjusted.
NSA = not seasonally adjusted.
SAAR = seasonally adjusted annual rate.
r = revised.
s = statistically significant.
n = not statistically significant.
u = statistical significance unavailable.
Z = Suppressed for data quality reasons.
N/A = not available.
FHFA = Federal Housing Finance Agency.
DQ = delinquent.
FC = foreclosure.
FHA = Federal Housing Administration.
VA = U.S. Department of Veterans Affairs.
PMI = private mortgage insurance.
GDP = Gross Domestic Product.
URE = usual residence elsewhere.
Note: Components may not add to totals because of rounding.
* The share of previous-quarter shipments sold (or leased) and placed for residential use four months after shipment. For example, for shipments in the first quarter: sales and placements (from January - May) for January shipments; (from February - June) for February shipments; and (from March - July) for March shipments are summed and divided by the total number of homes shipped in the first quarter to obtain the percentage of manufactured homes sold and placed four months after shipment.
** As of November 2022, Freddie Mac no longer surveys lenders but instead bases its mortgage rate estimates on thousands of applications received from lenders and submitted to Freddie Mac when a borrower applies for a mortgage. In addition, Freddie Mac stopped publishing data on adjustable-rate mortgages (ARMs).
*** FHA market share estimates are based on new methodology beginning with the Q3 2013 report; estimates were revised back through Q1 2011.
**** FHA mortgage applications and endorsements data have been revised to exclude Home Equity Conversion Mortgages (HECM) beginning with the Q3 2013 release.
***** GDP and related data are BEA's second estimate out of the three estimates they publish for a given quarter.
