In August 2005, the market capitalization of the new home market peaked at $31.05 billion, going by the trailing twelve month average for this figure.
In January 2021, fueled by a surge in demand by Americans fleeing coronavirus pandemic lockdown restrictions and amplified by sustained breakdowns of public order in large cities in the U.S., the market cap of the new home market reached $30.32 billion, just 2.4% shy of the housing market's previous nominal peak.
Since January 2021 however, the trailing twelve month average market cap for new homes in the U.S. has fallen somewhat, dropping to $29.91 billion in the initial estimate for March 2021, as the supply of new homes sold has increased while the average price of new homes sold in the U.S. has dipped from a six-year high in January 2021.
Adjusted for inflation, the market cap for new homes now would have to be over a third higher to come close the August 2005 peak in terms of constant March 2021 U.S. dollars.
References
U.S. Census Bureau. New Residential Sales Historical Data. Houses Sold. [Excel Spreadsheet]. Accessed 24 April 2021.
U.S. Census Bureau. New Residential Sales Historical Data. Median and Average Sale Price of Houses Sold. [Excel Spreadsheet]. Accessed 24 April 2021.
U.S. Department of Labor Bureau of Labor Statistics. Consumer Price Index, All Urban Consumers - (CPI-U), U.S. City Average, All Items, 1982-84=100[Online Application]. Accessed 13 April 2021.