This story incorporates reporting from WTOP News, The Associated Press on MSN.com and MSN.
In 2024, the United States saw a significant downturn in existing home sales, reaching levels not witnessed in almost three decades. The median price for homes soared to a record $407,500. This surge in prices has been identified as a primary factor in the sales decline, along with escalating mortgage rates.
The housing market conditions have been challenging for potential buyers as affordability issues continue to rise. This price barrier has discouraged many prospective homeowners from entering the market, significantly influencing the overall dip in home sales.
Mortgage rates, which have seen a consistent increase, further complicated the purchasing landscape. With elevated monthly payment requirements, fewer individuals were financially prepared to acquire homes. The combined effect of these factors has created a pronounced shift in the housing market dynamics, marking a noteworthy point in the economic landscape of 2024.
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