New Home SalesCENSUS
679K
U.S. Housing Market · 2024
U.S. Housing Market in 2024
1995-low sales$408K medianrate buy-downs
Existing SalesNAR
4.06M
Median PriceNAR
$408,000
30Y MortgagePMMS
6.84%
2024 closed with 4.06 million existing-home sales — the lowest annual figure since 1995 — even as the median existing-home price reached an all-time high of $408,000.
The lock-in problem had not resolved. The Federal Reserve cut the federal funds rate three times (September, November, December) but the 30-year fixed mortgage stayed near 6.84% on average for the year — well above the 4% level needed to meaningfully unlock listing inventory. New-home sales held at 679K as builders continued to offer rate buy-downs that the resale market could not match. The home-price-to-income ratio reached an all-time high of 5.4×.