U.S. Home Sales In 2024 Drop To Lowest Levels Since 1995

Sales of existing homes in the U.S. fell in 2024 to the lowest levels in nearly three decades, as rising home prices and elevated mortgage rates deterred buyers, Bryan Mena reported for CNN.

Mortgage rates played a significant role in cooling the housing market.

The National Association of Realtors revealed that only 4.06 million previously owned homes were sold last year, the lowest total since 1995 and slightly below 2023’s already weak figures.

Mortgage rates played a significant role in cooling the housing market.

The average rate for a 30-year fixed mortgage peaked at 7.22% last year, briefly dropped to near 6%, and climbed back to 6.96% recently, according to Freddie Mac. Meanwhile, the median home price reached a record $407,500 in 2024, continuing an 18-month streak of price increases. In December, the median price stood at $404,400.