The Census Bureau on Tuesday released construction data for the first time in years, showing the average home cost to build in 2017 was $86,200, or 10 percent higher than the $86.1 million average in 2016.
That means more people are building homes this year than ever before.
But that is also the first year for a single year that there were no new new home sales.
The median price for a new home was $89,500, a 1.6 percent increase over 2016.
But there was a slight uptick in the price of homes that have been renovated.
A $1,600 home in the Seattle area went for $1.7 million, while a $1 million home in San Francisco was $1.,958, or about 9 percent higher.
That makes the average new home worth about $11,000, up from about $10,000 in 2016, the bureau reported.
The increase in price for new homes has slowed considerably from the years that were considered by many to be the high point of the boom in construction in 2017.
That includes a jump in sales for the fifth straight year.
The bureau’s latest data showed there were 4.2 million more homes built in 2017 than in 2016 in the country’s 16 largest metropolitan areas.
But the total number of new homes is down slightly from the 5.9 million that were built in the years before the Great Recession.
For instance, the number of homes built to replace older homes rose from 7.2 percent of all homes built for sale in the United States in 2016 to 8.2 and 7.9 percent in 2017, respectively.
The housing market has been booming over the last few years, but it has been slower than other parts of the economy.
The U.K. has had the most dramatic upticks in new home construction, according to the bureau.
New homes were built for the entire country during the boom years of the late 1990s and early 2000s.
But demand has been slowing since then, and there has been little rebound in demand since then.