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The U.S. just experienced its slowest annual sales of homes since 1995
January 24, 2025/
Existing-home sales last year totaled 4.06 million, the lowest on an annual basis since 1995, according to the National Association of Realtors on Friday.
A big factor behind the slowdown was elevated mortgage rates, which spent most of the year above 6.5%.
Although rates hit a low of 6.08% in late September — just after the Federal Reserve cut interest rates for the first time since 2020 — they’ve climbed again lately. Last week. the average rate on a 30-year mortgage passed the 7% mark, before dropping slightly this week to 6.96%.
Meanwhile, prices on homes that did sell have been very high, as more sales at the high end of the market nudged median prices higher. The median home price reached $407,500 in 2024, a record high.
