The latest evidence that homeownership is becoming increasingly less accessible to many Americans: Sales of previously occupied U.S. homes fell last year to a nearly 30-year low for the second time in as many years.
Elevated mortgage rates, a years-long shortage of homes on the market and record-high home prices continued to stymie prospective home shoppers, especially first-time buyers.
That led existing home sales to fall 0.7 percent last year to 4.06 million — the weakest showing for home sales since 1995 and edging out the terrible year for sales in 2023, the National Association of Realtors (NAR) said Friday.
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