Homeowners in the U.S. paid a median price of $110,000 for their homes, according to a 2011 American Housing Survey profile released recently. This is an increase of 2.3 percent from the $107,500 reported in the 2009 survey. The median purchase price of homes constructed in the past four years was higher at $235,000, down 2.1 percent from the $240,000 reported for new construction in 2009.

The profile released this week provides information on the nation's housing costs, mortgages and a variety of other physical and financial characteristics about housing in the U.S. The statistics come from the American Housing Survey, which is sponsored by the Department of Housing and Urban Development (HUD) and conducted by the U.S. Census Bureau, and is the most comprehensive housing survey in the United States. National data are collected every odd-numbered year and metropolitan area data are collected on a rotating basis. The Census Bureau also released profiles for 29 selected metro areas.

"The last five years remind us how central housing is to each of us personally, to the fiscal health of our cities and counties, and the national economy. For 40 years, the American Housing Survey has provided a unique set of data that connects the detailed characteristics of who is living in homes to the detailed characteristics of the homes themselves," said Kurt Usowski, HUD's Deputy Assistant Secretary for Economic Affairs. "From the American Housing Survey, we can see why people chose to move, how often homes need repairs, and the extent to which housing costs are outpacing income growth. All this information can help inform policymaking around continued recovery in the U.S. and in metropolitan areas around the country."

"We are pleased to have the opportunity to collaborate with HUD on these profiles," said the Census Bureau's Arthur Cresce, Jr., Assistant Division Chief for Housing Characteristics. "Analysts in government and business study the nation's housing very closely and the AHS yields a wealth of information that can be used by professionals in nearly every field for planning, decision-making, and market research."

Some highlights for the U.S. Include:

Physical Characteristics

• The median year occupied homes were built in the U.S. was 1974.
• Nationally, piped gas was the most prevalent home heating source, used by 50.4 percent of occupied homes. Electricity was used by 35.3 percent.
• Among owner-occupied homes in the U.S., 46.3 percent had working carbon monoxide detectors.
• Among all U.S. homes, 72.5 percent of owner-occupied units had central air.

Financial Characteristics

• Median monthly expenditures for homeowners in the U.S. totaled $151 for real estate taxes, $121 for electricity and $58 for property insurance.
• Among U.S. owner-occupied homes, 65.4 percent had a regular and/or home equity mortgage and 23.4 percent had a refinanced primary mortgage.
• The median monthly mortgage payment for homeowners was $1,015 in 2011.

FNC Index: Home Prices Continue to Rise Steadily

In other positive housing news, the latest FNC Residential Price Index™ (RPI) shows that U.S. home prices continue to steadily improve, climbing another 0.5% in May in conjunction with continued improvement in housing market fundamentals. Notably, the FNC RPI shows that the pace at which home prices are rising is rather modest, averaging 0.4% per month in the last six months. Similarly, the rate of annual price appreciation appears to be much slower and sustainable than reported by a number of other closely watched price indices.

Despite recent hikes in interest rates, the cost of mortgage financing continues to be near historical lows, according to the report. An improving economy and housing market fundamentals continue to drive prices up. Foreclosures have dropped rapidly, with distressed sales contributing only 13.9% to total home sales, down from 16.2% in April and 19.6% a year ago. The median sales-to-list price ratio in May was 96.1., up from 95.4 in April and 93.2 a year ago.

Based on recorded sales of non-distressed properties (existing and new homes) in the 100 largest metropolitan areas, the FNC 100-MSA composite index shows that May home prices rose from the previous month at a seasonally unadjusted rate of 0.5%. The two narrower indices (30-MSA and 10-MSA composites) recoded a 0.4% increase. [1]  On a year-over-year basis, home prices were up a modest 4.0% from a year ago.

FNC’s RPI is the mortgage industry’s first hedonic price index built on a comprehensive database that blends public records of residential sales prices with real-time appraisals of property and neighborhood attributes.[2]  As a gauge of underlying home values, the RPI excludes sales of foreclosed homes, which are frequently sold with large price discounts, reflecting poor property conditions.

The majority of the markets tracked by the FNC 30-MSA composite index show rising prices in May, led by Nashville, Phoenix, and Las Vegas at nearly 2.0% each. In Phoenix, home prices continue to show no signs of moderation, rising 2.0% for 16 consecutive months since February 2012. Las Vegas enjoys a similar 16-month rising streak but at a more moderate pace of 1.2% per month. Foreclosure sales in both cities have fallen below the national average. Home prices were flat to slightly declining in San Antonio, Houston, Chicago, Washington, D.C., and Detroit. Although trending lower, foreclosure sales in Detroit, Chicago, Cleveland, and St. Louis continue to account for a significant portion of existing home sales at 39.5%, 26.8%, 26.3%, and 21.5%, respectively.

At 28.0% and 17.0%, Phoenix and Las Vegas continue to lead the country in the year-over-year price appreciation, followed by Sacramento and San Francisco at 11.2% and 10.7%, respectively. Year-over-year trends are slightly down in Portland, Baltimore, and Chicago. While home prices are rising in most markets, San Antonio, Houston, Chicago, Columbus, and San Antonio show little signs of year-to-date price improvement.

For more information on the American Housing Survey, visit http://www.census.gov. More information about the FNC Index can be found at http://www.fncinc.com.

[1] The FNC National Residential Price Index is a volume-weighted aggregate price index consisting of 100 major metropolitan areas across different regions of the U.S. All FNC Residential Price Indices are constructed to capture unsmoothed home price trends.

[2] The hedonic procedures used to create the index are described in “Hedonic versus repeat-sales housing price indexes for measuring the recent boom-bust cycle,” by Dorsey, R.E., Hu, H., Mayer, W.J., and Wang, H.C., Journal of Housing Economics 19 (2), 75–93.