The number of housing units in the United States has grown year-on-year and in 2023, there were approximately 145 million homes. That was an increase of about 1.3 percent from the previous year – the highest annual increase recorded in the past 15 years.
Homeownership in the U.S.
Most of the housing stock in the U.S. is owner-occupied, meaning that the person who owns the home uses it as a primary residence. Homeownership is an integral part of the American Dream, with about two in three Americans living in an owner-occupied home. For older generations, the homeownership rate is even higher, showing that buying a home is an important milestone in life.
Housing transactions slowing down
During the coronavirus pandemic, the U.S. experienced a housing market boom and witnessed an increase in the number of homes sold. Since 2020, when the market peaked, new homes transactions have slowed down and so have the sales of existing homes. That has affected the development of home prices, with several states across the country experiencing a decline in house prices.