Wednesday, June 14, 2017

Median Sales Price of New Single-Family Houses Sold Hits Record High of $316,200

For the second year in a row, the median sales price of new single-family houses sold climbed to a record high. The $316,200 median in 2016 was 5 percent greater than the $300,100 of 2015, after adjusting for inflation.

From just $235,500 in 2000, the median price of new single-family houses sold climbed rapidly in the early years of the 2000s as the housing bubble inflated, reaching a high of $296,000 in 2005 before collapsing. From that peak to the post-Great Recession low of $242,400 in 2011, the median sales price of new single-family houses sold fell 18 percent, after adjusting for inflation. Between 2011 and 2016, the price climbed 30 percent.

Median sales price of new single-family homes sold, 2000 to 2016 (in 2016 dollars)
2016: $316,200 (record high)
2015: $300,100
2014: $286,700
2013: $277,000
2012: $256,300
2011: $242,400 (post Great Recession low)
2010: $244,100
2005: $296,000 (pre Great Recession high)
2000: $235,500

Source: Census Bureau, 2016 Characteristics of New Housing


Edward Scott Hofland said...

it would be interesting to know how geographically dispersed this is. Is it being led by just a handful of high-cost markets, or is it widespread?

Cheryl Russell said...

The record price is due to differing trends in each region. I plan to post something about regional trends tomorrow. Spoiler alert: record highs were reached in only two regions in 2016—the Midwest and South. Geographic detail beyond regions is not available.