Washington CNN —
Sales of existing homes in the US fell last year to the lowest level in almost three decades, as sky-high home prices and elevated mortgage rates squeezed home buyers.
Sales of previously owned homes, which make up the vast majority of the market, totaled 4.06 million in 2024, the National Association of Realtors said Friday. That’s the lowest level since 1995 and slightly below 2023’s similarly anemic levels.
The average rate on a conventional, 30-year fixed mortgage reached a peak of 7.22% last year. After briefly slipping to nearly 6%, it has
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