Overview

• 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.