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High Mortgage Rates Are Still Impacting Home Sales in 2025
- In 2024, U.S. home sales dropped to their lowest level since 1995 amid record-high mortgage rates and rising home prices.
- This decline followed ten Federal Reserve interest rate hikes from 2022 to 2024, pushing mortgage rates from 3% to over 6%, despite some recent rate cuts.
- Housing supply shortages, insurance and property tax increases, and demographic shifts also contributed to slower sales and longer market times.
- The median existing home price reached $412,500 in 2024, while monthly mortgage payments increased by 34% to about $2,227, pricing many buyers out of the market.
- These conditions led to a fall in homeownership rates, a jump in renter populations, and calls for stronger efforts by state and local governments to address affordability and supply issues.
45 Articles
45 Articles
High mortgage rates are still impacting home sales in 2025 | News Channel 3-12
High mortgage rates are still impacting home sales in 2025 Spring usually brings with it open houses, moving vans and new mortgages. But for many would-be homebuyers, this year’s homebuying season felt more like Groundhog Day. Ever since interest rates for mortgages climbed from 3% following the COVID-19 pandemic to over 6% starting in late 2022, home sales in the U.S. have cooled to a level not seen in decades. Over the past 30 years, it’s been…
Star-Telegram
High mortgage rates are still impacting home sales in 2025
Experian reports high mortgage rates continue to suppress home sales, with fewer than 4 million homes sold in 2024, the lowest since 1995.
U.S. Home Buying Drops to Lowest Level Since the 90s - The MortgagePoint
According to a new report, The State of the Nation’s Housing 2025 from the Harvard Joint Center for Housing Studies, record-high home prices and elevated interest rates have reduced U.S. homebuying to its lowest level since the mid-1990s. Insurance premiums and property taxes are also on the rise, as high rents have left record numbers with cost burdens and have contributed to a rise in homelessness; and devastating wildfires have highlighted th…
New York home sales drop nearly 11 percent in May
ALBANY — New York realtors closed on the sale of 7,846 previously owned homes in May, down 10.9 percent from the 8,807 homes they sold in May 2024. At the same time, pending sales fell slightly in May, perhaps foreshadowing further declines in closed home sales in the next couple months. That is according to […] .restricted-content { mask-image: linear-gradient(to bottom, black -7%, transparent 100%); -webkit-mask-image: linear-gradient(to bot…
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