Why 2024 was arguably the toughest year for home buyers and sellers in 30 years

“Home sales fell in 2024 to a rate of 4.06 million, which would be the lowest since 1995. (The yearly figure is not the final tally, as the number from December is a preliminary estimate.) The median price of homes sold last year hit a new high of $407,500.

Despite the 30-year low, the market is showing signs of turning as home-buying picked up in the past month of 2024, said the National Association of Realtors, which released the data.“