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.