It has been all over the news that in 2024 home sales were at 1995 levels which means low. The population has grown since 1995 and there are more houses too.
I pulled some numbers from the MLS and made a chart that shows the number of home sales over the last five years. It isn’t that houses aren’t selling. They are selling and prices are at an all-time high. Home sales were lower last year because fewer homeowners decided to sell. Higher interest rates were partly responsible. Move-up buyers did not want to move up to a higher-interest mortgage.
The new Trump tariffs will lead to inflation and higher interest rates. I’ll go out on a limb and predict that there will be fewer home sales in 2025 than there were in 20204. I’ll have some numbers for January 2025 home sales tomorrow.
