The median sales price of new and existing single-family homes in the United States, tracked monthly by the U.S. Census Bureau and HUD through the New Residential Sales Report. This key housing market indicator reflects both supply-side factors (construction costs, land prices, regulatory expenses) and demand elements (household income, mortgage rates, demographic trends). The metric includes regional variations (Northeast, Midwest, South, West) and distinguishes between new construction (approximately 10% of sales) and existing homes. Price data is adjusted for quality changes through hedonic regression methods, accounting for home size (median 2,356 sq ft), amenities, and location characteristics. The metric correlates strongly with mortgage rates, building permits, housing starts, and broader economic indicators like GDP and employment. Historical trends show real appreciation averaging 3.8% annually since 1970, though with significant regional disparities and cyclical variations, notably during the 2008 housing crisis and post-2020 pandemic surge.