CNN —
This year, America’s once-in-a-generation housing slump deepened — but 2025 may not see much improvement. That’s partly because Americans who locked in ultra-low mortgage rates during the pandemic have little incentive to move into new homes and take on higher borrowing costs.
“We’re coming into 2025 with a strong sense of déjà vu,” said Skylar Olsen, Zillow’s chief economist. “I think the difficulties of next year are going to be pretty similar to the difficulties of last year.”
In 2024, Americans who bought homes were older and richer than ever. That’s because
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