Sales of previously owned US homes slipped to their weakest level in about three decades last year on the back of high housing prices and mortgage rates, according to industry data released Friday.
Existing home sales came in at 4.06 million on an annual basis in 2024, the lowest level since 1995, said the National Association of Realtors (NAR).
The weakness came despite population and job growth over the past three decades, NAR chief economist Lawrence Yun said on a call with reporters.
But he pointed to affordability issues with elevated home prices, alongside higher mortgage rates and a lack of inventory to explain the trend.
In December, however, existing home sales rose by 2.2 percent from November, reaching a seasonally adjusted annual rate of 4.2 million, the NAR said.
This was its strongest pace since February 2024 — and in line with analysts’ expectations.