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There were 683,000 new homes sold in the U.S. in 2024, per Census Bureau data. That compares to 666,000 in 2023, 641,000 in 2022, 771,000 in 2021, and 822,000 in 2020.
Even in the midst of a sales slump, a dearth of homes on the market and rising mortgage rates gave sellers an edge over buyers, helping drive up the national median home price for all of last year ...
1. Malibu, California: $210 Million. Businessman James Jannard reportedly sold his cliffside Malibu property for $210 million in 2024, an estate spanning 9 1/2 acres and nearly 20,000 square feet.
The elevated rates have discouraged many home shoppers. Sales of previously occupied U.S. homes, which make up by far the largest swath of the housing market, fell in May for the third month in a row.
Mortgage rates have been mostly easing since reaching 7.22% in early May. This month, the average rate for a 30-year home loan has made its biggest downshift in more than a year, hovering around 6.5%.
“The inventory problem is not going to get much better in 2024," one Realtor said. Resales and new construction can't fulfill all the demand. 2024 real estate outlook: Demand for homes expected ...
New listings increased a modest 1.3% month over month to the highest level since October 2022, while active listings (the total supply of homes for sale) grew 3.9% month over month.
Existing home sales in 2024 are on track to reach a nearly 30-year low. Average 30-year fixed mortgage rates are north of 7%, compared with 4.09% at the start of his first term.
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