Scary Times

It seems we will close out the 2024 residential housing market with home sales at a thirty-year low — just below 4 million homes sold, and below 2023 results. Not since 1995 has the industry dipped below 4 million homes sold.

The graph below illustrates home sales dating back to 1991. Draw your eye to the low points in 1995 and again in the Great Financial Crisis. The rally periods after the lows each lasted nearly 10 years, reaching an apex at seven million homes sold in 2006 and over six million in 2021.

Great anticipation is in the air for a more favorable mortgage environment in 2025. Industry experts are calling for units sold to increase between 7% and 10% — that will feel nice.

Somehow this year has felt different than 2023 – although it’s worse. Likely because we all prepared, adjusted, and focused for a less favorable amount of sales and industry changes.

Have a happy and safe Halloween. I am optimistic about the 2025 residential real estate market.

Check out the Compass Q3 ’24 Earnings Report. The team delivered exciting results.

This is Where We Are Now! 

Thanks!
Mark

P.S. The hero image above is Monique and I at the Day of the Dead Celebration in San Miguel, Mexico in 2022.