Research Brief: Housing – September 2024

Mortgage rate plunge fails to stoke buyer demand. Existing home sales decreased by 3.3 percent year over year in August 2024 to an eight-month low. That pullback transpired in the midst of substantial downward movement in the average 30-year fixed-rate mortgage. The gauge plummeted by 60 basis points year over year to 6.5 percent in August and slackened by an additional 40 basis points through mid-September. Even so, record-high home prices are maintaining historic homebuying barriers. The median sale price of an…

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