Home prices fell again in 2019. The median price of new single-family houses sold fell 3 percent between 2018 and 2019, after adjusting for inflation. This was the second year of decline since the price peaked in 2017.
Median price of new, single-family homes sold (in 2019 dollars)
2019: $321,500
2018: $332,314
2017: $336,989 (all-time high)
2009: $258,235 (post-Great Recession low)
2005: $315,350 (pre-Great Recession high)
2000: $250,906
Home prices fell despite the fact that the number of houses sold climbed to 683,000 in 2019—the largest number since 2007 and 11 percent more than in 2018. One factor that may explain the price decline is the smaller size of houses sold. The median square feet of floor area in new single-family houses sold in 2019 fell to 2,322, which is 113 square feet smaller than the 2018 median. This is the largest square-footage decline in the Census Bureau's series, which dates back to 1978.
Source: Census Bureau, Characteristics of New Housing
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