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2024 U.S. Home Sales Hit Lowest Point Since 1995

Existing home sales in the US dropped to 4.06 million in 2024, marking the lowest level since 1995, as reported by the National Association of Realtors. The average rate on a conventional 30-year fixed mortgage reached a peak of 7.22% last year. In 2024, the median price of an existing home hit a record high of $407,500, rising consistently for 18 months. Despite the high mortgage rates, home sales exhibited a robust recovery in the latter part of the year, according to NAR Chief Economist Lawrence Yun.