NAR Says - Existing home sales fall to lowest level in nearly 30 years

[Ken M.]

NAR Says - Existing home sales fall to lowest level in nearly 30 years and Median housing prices rose to a record high

"The National Association of Realtors released data that showed existing home sales declined to the lowest level since 1995 last year, with 4.06 million homes sold on an annual basis.

Meanwhile, the  median home price rose to a record high of $407,500 in 2024.

"With mortgage rates close to 7% and generally soft homebuying sentiment, strength in existing home sales is unlikely to be sustained," said Alice Zheng, an economist at Citigroup. "We do not expect much further upside for housing demand near-term.""

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Ah, so much for betting on Future Appreciation.  When it starts to rain in monsoon season, put your galoshes on. ;-)