U.S. Housing Market in 2011

2011 was the absolute low for new-home construction. Builders sold 306,000 new homes — less than 24% of the 2005 peak and the lowest reading in the entire Census series back to 1963.

The shadow inventory of distressed properties had reached 4.3M units by year-end. Foreclosed homes were being sold at deep discounts, undercutting builders who could not match the price/sqft of bank-owned inventory. Existing sales recovered slightly to 4.26M — but median prices fell again, to $166,200, the lowest since 2003. Mortgage rates averaged 4.45%, the lowest annual figure on record at the time.

See also

• The 2008 subprime housing collapse
• The full 1963–2024 data table
• 30-year fixed mortgage rate history
• Median home price history