US Home Sales Hit 30-Year Low Amid High Mortgage Rates

Only 2.5% of homes changed hands in the first eight months of 2024 as buyers face elevated mortgage rates and record-high home prices.

Redfin reports that just 2.5% of homes were sold in the first eight months of 2024, the lowest rate in at least 30 years.
High mortgage rates, with most homeowners locked into rates below 5%, deter new purchases.
Home prices have reached record highs, further discouraging potential buyers.
California metro areas, particularly Los Angeles, saw the lowest turnover, while Phoenix and Newark had the highest.
The Federal Reserve's recent rate cut has raised hopes for market improvement, but significant changes are yet to be seen.