US existing home sales are set to close at 4.04 million in 2024, marking the worst year since 1995.

Sales are set to be even lower than during the 2008 Financial Crisis.

The lack of demand for existing homes comes as home prices have jumped over 50% since 2020.

Over the same time period, mortgage rates have nearly TRIPLED, making affordability even worse.

The average rate on a 30-year mortgage is up 100 basis points since September alone, to 7.1%, despite the Fed cutting rates by 100 basis points.

The US housing market is frozen.