US Home Prices Surge 47% Since 2020

Rapid price growth driven by supply shortages, high mortgage rates, and pandemic-era demand.

Home prices have increased faster than in the 1990s and 2010s, nearing the growth seen in the 2000s.
A shortage of homes, high construction costs, and elevated mortgage rates are key factors.
The median home sale price reached $420,800 in early 2024, up from $327,100 at the start of the decade.
Most homeowners are reluctant to sell due to low mortgage rates secured during the pandemic.
First-time buyers face significant challenges due to high financing rates and soaring prices.