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Existing housing sales In the United States in 2024 they were the lowest in almost 30 years, since housing prices reached a historical maximum.
The National Association of Real Estate Agents published data that showed that existing housing sales decreased to the lowest level since 1995 last year, with 4.06 million homes sold annually.
Meanwhile, the Average house price He rose to a record of $ 407,500 in 2024.
“With mortgage rates close to 7% and, in general, it is unlikely to maintain strength in existing housing sales,” said Alice Zheng, Citigroup economist. “We do not expect much more upwards for the demand for short -term housing.”
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Existing housing sales fell to the lowest level in almost 30 years in 2024. (Istock / Istock)
Existing housing sales showed signs of increase in the final months of 2024, increasing 2.2% in November at a seasonally adjusted annual rate of 4.24 million in December. Year after year, sales increased 9.3% of an annual rate of 3.88 million in December 2023.
“Housing sales in the last months of the year showed a solid recovery despite the high Mortgage rates“Said the chief economist Nar Lawrence Yun.
“Housing sales during winter are usually softer than spring and summer, but the impulse is increasing with the sales escalation year after year for three consecutive months,” said Yun. “Consumers clearly understand the long term Housing property benefits. Labor and salary gains, along with greater inventory, are positively impacting the market. “
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Existing housing sales increased annually in the four regions analyzed by NAR, while prices also increased in each of the four regions.
Sales increased 9.3% year after year, the highest gain since June 2021, which was mainly driven by transactions for housing valued by more than $ 500,000.
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High mortgage rates have cooled the real estate market. (Justin Sullivan / Getty images / getty images)
The median housing price for existing homes was $ 404,400, a 6% increase of $ 381,400 a year ago.
“The median housing price rose partly due to the best performance of the higher market,” said Yun. “Sales increased by 35% for a year for homes with a price exceeding $ 1 million, while sales fell to homes with a price of less than $ 250,000.”
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Housing buyers for the first time represented 31% of housing sales in December, compared to 30% in November and 29% in December 2023.
The “Buyers and Sellers of nose housing that was launched in November discovered that the annual participation of housing buyers for the first time was 24%, the lowest registered.
Reuters contributed to this report.
