The US Census Bureau released data Friday on the average number of units sold per home sold in the country, which revealed a significant spike in sales for the first time since 2014.
The data shows that, for the year ending March 2019, the average US household sold an average of 539 units per month, an increase of 12% over the same period in 2018.
The bureau also said that sales rose 6.5% over last year, to an average monthly average of 1,959 units.
The average monthly unit price in the US was $2,908, up 5% from the same month in 2018, the data shows.
For a typical home, the median price was $1,895.
The numbers also show a significant increase in new listings for apartments and condos in the city of Washington, with an average new unit price of $2.6 million in March 2019 compared to $1.9 million in 2018 and $1 million in 2017.
The median price for condos in Washington increased 11% from $1 billion in 2018 to $2 billion in 2019.
In the suburbs, the rate of new listings dropped 7.8% to $4.2 billion.
“The US is now home to one in four new units built each month, up from one in three in 2018,” said Tom Gershenfeld, chief economist at UBS.
“While the US economy is slowing down, the number of new homes is growing rapidly.”
The data also showed that the median age of US homes increased slightly over the past 12 months to 37.5 years.
“This is good news for those who are older, and for those that are looking for a home that is more affordable,” Gershanfeld said.
“As the housing market continues to strengthen, we expect the median household age to continue to decline, even though many older households have more disposable income to spend on housing than younger households.”
The US population has grown by 9.5 million people since 2010, and that growth continues apace.
The Census Bureau said that the US population of over 1.5 billion was up slightly to 2.3 billion in 2020 from 2.2 million in 2020, which is a 0.9% increase from the previous year.
The census bureau said the number increased by 0.1% in 2020.
In 2020, the census bureau estimated the US’s population to be around 4.4 billion, up 1.2% from 2019.