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Used home sales in 2024 were the weakest in 30 years

Last year, buyers purchased 4.06 million used homes, the lowest level since 1995, according to a report.

Used home sales recorded their lowest level in three decadesUnsplash.

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(AFP) U.S. home resales fell to their lowest level in three decades last year, according to industry data released Friday.

Against a backdrop of high prices and high interest rates, used home sales were at 4.06 million for the year in 2024, the lowest level since 1995, according to the National Association of Realtors (NAR).

According to NAR chief economist Lawrence Yun, this situation is due to high prices and high rates for mortgage loans, combined with a lack of inventory.

In December, however, sales rose 2.2% over November, to an annualized rate (the number if conditions were maintained at the time of measurement) of 4.2 million units, the NAR said. The figure is in line with analysts' expectations.

Compared with December 2023, the increase is 9.3%, the largest for a monthly year-over-year comparison since June 2021, the NAR noted.

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