In 2024, sales of existing homes in the US dropped to their lowest level since 1995 due to a combination of high home prices and elevated mortgage rates, making it difficult for home buyers to afford purchases.
Vero’s thoughts on the news:
The dramatic decline in home sales underscores the need for innovative digital solutions to empower home buyers and real estate businesses. With affordability at an all-time low, leveraging technology to provide better financial advice, transparent market data, and predictive analytics could help prospective buyers navigate these challenging conditions. Additionally, developing apps that simplify the mortgage process or offer virtual home tours could make a significant difference.
Source: US home sales in 2024 fell to lowest level since 1995 – CNN
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