The founder and managing partner of the Connor Group discussed what the housing market needs to be exposed and the effects of rules on the reconstruction of California after the wildfire.
Existing Home Sales The US had the lowest in about 30 years in 2024, as home prices reached an all -time high level.
The National Association of Realters released the data that revealed that the sale of the current house fell to the lowest level since 1995, with 4.06 million houses sold on an annual basis.
meanwhile, Average house price In 2024, a record of $ 407,500 reached a high level.
Alice Zheng, an economist at Citigroup, said, “7% with mortgage rates and generally with soft homebuying spirit, there is no possibility of maintaining strength in the sale of the existing house.” “We do not expect much upside down to demand housing.”
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The current home sales fell to the lowest level in about 30 years in 2024. (Istock / istock)
The signs of the existing home sales in the ending months of 2024 were shown, increased by 2.2% from November to a seasonal rate of 4.24 million in December. In December 2023, the sale was 9.3% at an annual rate of 3.88 million.
“In the last months of the year, home sales showed concrete recovery despite being elevated Mortgage rates“NAR Chief Economist Lawrence said.
“The sale of the house during winter is usually softened compared to spring and summer, but the speed is growing with a straight month-to-year climbing sales for three straight months,” Yun said. “Consumers clearly understand long -term Better of homeownerJob and wage benefits with increased inventory are positively affecting the market. ,
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The existing house sales increased on an annual basis in all four areas analyzed by NAR, while prices also increased in each of the four areas.
The sales on year-on-year basis were 9.3%-The biggest advantage since 2021, which was mostly powered by transactions for housing of more than $ 500,000.
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High mortgage rates have cooled the housing market. (Justin Sulivan / Getty Image / Getty Images)
The average house price for existing homes was $ 404,400 – an increase of $ 381,400 from a year ago.
“The price of the middle house was partially elevated due to better performance relative to the upper-end market,” Union said. “Sales increased by 35% for homes priced more than $ 1 million, while sales fell for homes with less than $ 250,000.”
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For the first time, Homebukers calculated 31% of home sales in December, 30% in November and more than 29% in December 2023.
The “Profile of Home buyers and vendors” of the NAR released in November found that the annual stake of home buyers was 24%for the first time, which was the lowest record ever.
Reuters contributed to this report.
