Short answer. The U.S. typically sells 5–7 million homes per year — about 4-5M existing homes (NAR) plus 600K-1M new homes (Census). The 2005 record was 8.36M; the recent 2024 total was 4.74M.
Total U.S. home sales = new single-family construction sales (Census) + existing-home sales (NAR).
The typical year in the modern record runs 5–7M total sales. The 56-year range:
- Highest: 8.36M (2005)
- Lowest of the post-1968 series: 4.22M (1981, Volcker peak)
- Recent: 4.74M (2024) — second-lowest since 1995
The new-vs-existing split
New construction is typically 12–15% of total sales. The split has ranged from 7% (2011) to 21% (1973). Existing inventory dominates because the U.S. has roughly 145M housing units; even at 1M new-home sales, that's well under 1% turnover from new builds in a typical year.
Recent annual totals
- 2024: 4.74M (4.06M existing + 679K new)
- 2023: 4.76M
- 2022: 5.67M
- 2021: 6.89M (pandemic peak)
- 2020: 6.46M
- 2019: 6.02M
The 2023–2024 figures are the lowest since 1995. The two-year freeze reflects rate-lock dynamics: with the median outstanding mortgage rate around 4% and prevailing rates near 7%, owners refused to list, and inventory shortages depressed transaction volume even as prices rose.
Sources
U.S. Census Bureau Survey of Construction; National Association of Realtors Existing Home Sales report; Freddie Mac Primary Mortgage Market Survey; National Bureau of Economic Research Business Cycle Dating Committee.