In 2023-24, U.S. home sales reached their slowest pace since 1995, with 9.5 million homes sold. This decline corresponds with a national population increase yet exhibits a purchasing rate at only 36 per 1,000 households—the lowest since 1983. Recent home prices skyrocketed by 55% compared to 2019, with increasing mortgage rates pushing theoretical monthly payments to $2,150, over double in just five years. This affordability issue is compounded by stagnant income growth, making it crucial for the market to readjust for renewed buyer interest.
House hunters face illogical pricing and soaring mortgage rates, which contributed to home buying being at its slowest rate since 1983, according to a recent analysis.
The current sales pace of homes is 21% below pre-pandemic levels and has reached the slowest pace in 50 years, with overall affordability significantly declined.
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