There has been much talk about House prices in the USA over the last couple of years, especially how these prices have crashed.
To do a comparison with my own country, I began to check these figures, and came up with this chart of median pricing of New Houses in the United States, from a US Government source:
| Year ended | Median | Change |
|---|---|---|
| Jun 1963 | $18,000 | |
| Jun 1964 | $18,800 | 4.44% |
| Jun 1965 | $19,800 | 5.32% |
| Jun 1966 | $21,200 | 7.07% |
| Jun 1967 | $23,900 | 12.74% |
| Jun 1968 | $25,400 | 6.28% |
| Jun 1969 | $25,200 | -0.79% |
| Jun 1970 | $23,800 | -5.56% |
| Jun 1971 | $26,100 | 9.66% |
| Jun 1972 | $26,800 | 2.68% |
| Jun 1973 | $33,100 | 23.51% |
| Jun 1974 | $35,100 | 6.04% |
| Jun 1975 | $37,900 | 7.98% |
| Jun 1976 | $46,100 | 21.64% |
| Jun 1977 | $48,700 | 5.64% |
| Jun 1978 | $56,700 | 16.43% |
| Jun 1979 | $64,200 | 13.23% |
| Jun 1980 | $64,900 | 1.09% |
| Jun 1981 | $68,800 | 6.01% |
| Jun 1982 | $69,300 | 0.73% |
| Jun 1983 | $75,800 | 9.38% |
| Jun 1984 | $80,500 | 6.20% |
| Jun 1985 | $86,300 | 7.20% |
| Jun 1986 | $91,200 | 5.68% |
| Jun 1987 | $109,000 | 19.52% |
| Jun 1988 | $111,500 | 2.29% |
| Jun 1989 | $122,800 | 10.13% |
| Jun 1990 | $125,000 | 1.79% |
| Jun 1991 | $119,000 | -4.80% |
| Jun 1992 | $124,500 | 4.62% |
| Jun 1993 | $124,500 | 0.00% |
| Jun 1994 | $133,500 | 7.23% |
| Jun 1995 | $133,700 | 0.15% |
| Jun 1996 | $140,000 | 4.71% |
| Jun 1997 | $145,000 | 3.57% |
| Jun 1998 | $148,000 | 2.07% |
| Jun 1999 | $159,300 | 7.64% |
| Jun 2000 | $160,100 | 0.50% |
| Jun 2001 | $179,400 | 12.05% |
| Jun 2002 | $190,600 | 6.24% |
| Jun 2003 | $187,900 | -1.42% |
| Jun 2004 | $215,700 | 14.80% |
| Jun 2005 | $226,100 | 4.82% |
| Jun 2006 | $243,200 | 7.56% |
| Jun 2007 | $235,500 | -3.17% |
| Jun 2008 | $234,300 | -0.51% |
| Jun 2009 | $214,700 | -8.37% |
| Jun 2010 | $218,000 | 1.54% |
The source of the above US data is from this www.census.gov PDF Document
Where is the BIG drop in prices during the GFC ?
The US House prices in 2009 were back to 2004 values, which is remarkably similar to the average prices in Sydney NSW, Australia.
| Period | Sydney Average | Change |
|---|---|---|
| Jun-2004 | $498,800 | |
| Jun-2005 | $500,000 | 0.24% |
| Jun-2006 | $497,000 | -0.60% |
| Jun-2007 | $513,400 | 3.30% |
| Jun-2008 | $517,500 | 0.80% |
| Jun-2009 | $490,000 | -5.31% |
Source: Australian Bureau of Statistics 6416.0 House Price Indexes: Eight Capital Cities
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