Sales of previously occupied U.S. homes fell in 2024 to a nearly 30-year low for the second time in as many years as elevated mortgage rates, rising home prices and few properties on the market freeze prospective homebuyers out of the market.
The average rate on a 30-year mortgage surged to a 23-year high of nearly 8% in October 2023 and briefly fell to a 2-year low last September, but has been mostly hovering around 7%, according to mortgage buyer Freddie Mac.
The National Association of Realtors said Friday that existing U.S. home sales totaled 4.06 million last year, a 0.7% decline from 2023.
The elevated home loan borrowing costs have limited home hunters’ buying power on top of years of soaring prices.
The median national home price for all of last year rose 4.7% to an all-time high $407,500, the NAR said.
.jpeg?auto=webp&width=800)
