U.S. home sales hit their lowest level in almost 30 years

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This story incorporates reporting from WTOP News, The Associated Press on MSN.com and MSN.

In 2024, the United States saw a significant downturn in existing home sales, reaching levels not witnessed in almost three decades. The median price for homes soared to a record $407,500. This surge in prices has been identified as a primary factor in the sales decline, along with escalating mortgage rates.

The housing market conditions have been challenging for potential buyers as affordability issues continue to rise. This price barrier has discouraged many prospective homeowners from entering the market, significantly influencing the overall dip in home sales.

Mortgage rates, which have seen a consistent increase, further complicated the purchasing landscape. With elevated monthly payment requirements, fewer individuals were financially prepared to acquire homes. The combined effect of these factors has created a pronounced shift in the housing market dynamics, marking a noteworthy point in the economic landscape of 2024.

Quartz Intelligence Newsroom uses generative artificial intelligence to report on business trends. This is the first phase of an experimental new version of reporting. While we strive for accuracy and timeliness, due to the experimental nature of this technology we cannot guarantee that we’ll always be successful in that regard. If you see errors in this article, please let us know at qi@qz.com.

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