🆘🆘Existing home sales in the #US are expected to close at 4.04 million units in 2024, marking the worst year since 1995.

These sales are even lower than during the 2008 Financial Crisis.

The reason for the decline in demand for existing homes is that home prices have increased more than 50% since 2020.

During the same period, home mortgage interest rates were near X3, making affordability even more difficult.

The average interest rate on the 30-year mortgage rose another 1% since September, to 7.1%, despite the Fed cutting rates by 1 basis point.

Source : X @ KobeissiLette