In a notable shift in the housing market, baby boomers have surpassed millennials as the largest generational group of home buyers, according to the National Association of Realtors (NAR).
According to national brokerage Redfin, U.S. homebuyers currently have the most options available since 2020. However, rising housing costs are deterring many from making purchases, making monthly mortgage payments increasingly difficult.
According to Redfin, U.S. homes are selling at the slowest pace since the pandemic's onset in early 2020, as high mortgage rates and elevated home prices persist.
In 2024, existing U.S. home sales fell to their lowest annual level since 1995, with just 4.06 million homes sold on an annualized basis. This steep decline was driven by 23-year high mortgage rates, extreme home price inflation, restrictive government regulations, declining consumer sentiment and a shortage of housing inventory.