In a concerning trend for the housing market, US home sales in 2024 fell to their lowest level since 1995, marking a decline to the lowest level in nearly 30 years. A combination of soaring median home prices, which reached an unprecedented $407,500, and rising mortgage rates—now nearing 7%—have stalled sales activity across the nation. Reports indicate that existing-home sales have dropped significantly, with sellers in some regions facing challenges despite recording profits. As high housing payments deter potential buyers, experts suggest that there may be relief on the horizon, but significant hurdles remain. The current situation highlights the impact of not only financial factors but also extreme weather conditions, such as wildfires and frigid temperatures, which have further complicated the already stagnating market.