US Home Sales in 2024 Drop to Lowest Level Since 1995

High mortgage rates, record home prices, and limited inventory contributed to a 30-year low in existing home sales last year.

Existing home sales fell to 4.06 million in 2024, marking the lowest annual total since 1995, according to the National Association of Realtors.
The median home price reached a record $407,500 in 2024, driven by limited inventory and strong demand despite affordability challenges.
Mortgage rates hovered around 7% throughout the year, significantly reducing buying power and discouraging homeowners from selling.
Inventory levels increased by 16% compared to 2023 but remained far below the levels needed for a balanced market.
Sales showed signs of recovery in late 2024, with December's annualized sales rate rising 9.3% year-over-year to 4.24 million, the highest since February.