A new report from the Wall Street Journal found that US Home Sales in 2024 dropped to their lowest level in 30 years. Indicating a huge decline in homebuyer demand from the pandemic boom.
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This decline in buyer demand has resulted in a historic slowdown in housing activity. However, home prices across much of the housing market remain high, especially in states like New York, California, and Illinois.
Home values are remaining high in these states because of a shortage of inventory. Meanwhile, home prices in housing markets across Texas and Florida have started to drop due to inventory spiking.
One of the interesting things about the reduce homebuyer demand – which was data derived from the National Association of Realtors – is the composition of people buying. In 2024, the median age of a homebuyer for 56 years old, the highest on record. These older homebuyers are wealthier and thus are paying higher prices than the average first-time buyer, which is dragging the median sales price up.
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