Sales of previously occupied U.S. homes fell in 2024 to a near 30-year low for the second consecutive year, driven by elevated mortgage rates, rising home prices, and limited inventory. The National Association of Realtors reported that existing U.S. home sales totaled 4.06 million last year, marking the weakest year for home sales since 1995. The median national home price for 2024 rose 4.7% to an all-time high of $407,500.
LOS ANGELES — 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 median national home price for all of last year rose 4.7% to an all-time high $407,500, the NAR said. The elevated home loan borrowing costs have limited home hunters’ buying power on top of years of soaring prices. A dearth of homes for sale, meanwhile, have helped prop up prices, helping to keep many homebuyers and sellers on the sidelines.
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