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January U.S. home sales at 4.7 million, reflecting 2008-2010 levels
Posted on March 28, 2025 |
U.S. home sales remained weak in January, totaling 4.7 million, slightly above post-Great Recession levels.
High home prices and mortgage rates continue to make homeownership unaffordable for buyers.
Sellers are reluctant to list their homes, fearing the loss of their low mortgage rates.
Pre-pandemic home sales averaged around 6 million, surging during the housing boom but declining due to affordability issues.
Since February 2020, home prices have risen 45%, while mortgage rates have jumped from 3% to 6.67%.
The "lock-in effect" has reduced inventory, as homeowners hold onto their low-rate mortgages.
Existing home sales, which dominate total sales, remain at recession-era lows due to interest rate constraints.