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Sale of existing houses In the US 2024. They were the lowest in almost 30 years, as the house prices reached the highest level of all time.
The National Real Estate Merchants Association has published data showing that the sale of existing houses last year fell to the lowest level since 1995, with 4.06 million of houses sold on an annual basis.
Meanwhile, Medium price of the house increased to a record $ 407 500 in 2024.
“With mortgage rates close to 7% and generally a weak mood to buy apartments, the sale of existing houses is unlikely to be held,” said Alice Zheng, economist Citigroup. “We do not expect further increase in the demand for real estate in the short term.”
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The sale of existing houses fell to the lowest level in almost 30 years in 2024. (East / East)
The sale of existing houses showed signs of growth in the last months of 2024, riding by 2.2% compared to November to a seasonally adapted annual rate of 4.24 million in December. Compared to the previous year, sales increased by 9.3% compared to the annual rate of 3.88 million in December 2023.
“House sales in the last months of the year showed a solid recovery despite increasing mortgage rates“Said NAR economist Lawrence Yun.
“Home sales during the winter is usually weaker than spring and summer, but the momentum is growing with a sales that grows from year to year three consecutive months,” Yun said. “Consumers clearly understand the long -termness the benefits of possessing a house. Increasing jobs and wages, along with the increase in stock, have a positive effect on the market. “
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The sale of existing houses increased annually in all four regions analyzed by NAR, while prices also increased in each of the four regions.
The sale increased by 9.3% on an annual basis – the highest growth since June 2021, which was mostly encouraged by real estate transactions worth more than $ 500,000.
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Elevated rates of mortgage cooled the real estate market. (Justin Sullivan/Getty Images/Getty Images)
The middle price of houses for existing houses was $ 404 400 – an increase of 6% compared to $ 381 400 a year ago.
“The middle price of the house was elevated partly due to the relatively better effect of the higher -class market,” Yun said. “Sales increased by 35% compared to last year for homes, with a price of more than $ 1 million, while the sale fell for homes whose price is below $ 250,000.”
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Customers who buy an apartment for the first time consisted of 31% of the December house sales, compared to 30% in November and 29% in December 2023.
NAR’s “Customer and House Seller Profile” published in November revealed that the annual share of those who buy the house for the first time is 24%, which has been the lowest ever recorded.
Reuters contributed to this report.
