U.S. Home Sales Hit Near-30-Year Low Amidst High Prices and Mortgage Rates
The U.S. housing market experiences its lowest home sales figures since 1995 due to soaring prices and elevated mortgage rates, affecting buyers nationwide.
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The US housing market is facing an unprecedented slump, with home sales hitting a nearly 30-year low, driven by a toxic combination of soaring mortgage rates, rising home prices, and a severe shortage of inventory that continues to exclude many prospective buyers.
Here’s why home sales in 2024 fell to lowest level in nearly 30 years
New York Post·3M·Mostly ReliableThis source is generally reliable but sometimes includes opinion, propaganda, or minor inaccuracies.Leans RightThis outlet slightly leans right.
The US housing market continues to be plagued by high prices and interest rates, leaving buyers in a difficult position, with little hope for significant improvement in the near future.
US home sales in 2024 fell to lowest level since 1995 | Business
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The dismal performance of home sales in 2024 reflects a confluence of high mortgage rates, inflated prices, and a limited number of options for prospective buyers, emphasizing the challenges that have stifled the market.
The U.S. just experienced its slowest annual sales of homes since 1995
NPR·3M·ReliableThis source consistently reports facts with minimal bias, demonstrating high-quality journalism and accuracy.CenterThis outlet is balanced or reflects centrist views.The latest data underscores a troubling trend in the U.S. housing market, highlighting the growing inaccessibility of homeownership for many Americans, particularly first-time buyers, as elevated mortgage rates and a severe shortage of available homes continue to exert upward pressure on prices.
2024 US home sales hit lowest level in nearly 30 years with ownership increasingly out of reach
Associated Press·3M·ReliableThis source consistently reports facts with minimal bias, demonstrating high-quality journalism and accuracy.CenterThis outlet is balanced or reflects centrist views.
Summary
U.S. home sales fell to 4.06 million in 2024, the lowest since 1995, driven by high mortgage rates and home prices, which reached an all-time median of $407,500. Economic factors and a shortage of homes on the market have limited purchasing power, especially for first-time buyers. Despite a slight increase in inventory, many prospective buyers remain sidelined. Experts indicate it may take years to recover to previous sales levels amid ongoing affordability issues and high borrowing costs.
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