Finally, Main Street consumers and Wall Street investors in single-family home REITs have come to a meeting of the minds — single-family homes are far too expensive.
The average sales price for homes in the U.S. was $502,200 in the third quarter of 2024. That’s up 31.2% from $382,700 in the same period in 2019.
Add rising mortgage rates, and buying a home is increasingly out of the reach of many consumers. Data from the National Association of Realtors on total existing home sales at a seasonally adjusted annual rate fell from about 6.60 million in January 2021 to 4.15 million in November 2024. House affordability has plummeted since 2021, according to the organization.
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