WASHINGTON — Sales of previously owned homes in the United States have plummeted to their lowest levels in almost three decades in 2024, marking a significant downturn in the housing market.
The median price for these homes has reached an astounding $407,500, reflecting the challenges buyers face in the current market landscape.

Real estate experts suggest that this significant increase in pricing, combined with rising interest rates, has made it increasingly difficult for potential homebuyers to enter the market.
Many individuals and families are grappling with affordability issues, causing a decline in overall sales volume.
A combination of economic factors, including inflation and elevated borrowing costs, has contributed to a cooling effect on the housing sector.

This situation has prompted a reevaluation of housing strategies, with some prospective buyers considering renting or holding off on purchasing altogether.
The dramatic shift in home sales and pricing dynamics reflects broader economic trends that are impacting consumer confidence and decision-making in the real estate arena.

As the market continues to evolve, industry analysts are keeping a close eye on these developments, hoping for signs of stabilization that could foster a more balanced housing environment in the future.