NAR · Existing Home Sales report
U.S. Existing Home Sales, 1968–2024
The National Association of Realtors has tracked closed existing-home transactions since 1968. The series peaked at 7.08 million sales in 2005 and slumped to a multi-decade low of 4.06 million in 2024 — the consequence of 7% mortgages locking owners into 3% loans.
— Data through full-year 2024.
Annual U.S. Existing Home Sales (1968–2024)
Notable Cycles
Four genuine peaks, four wholly different recoveries.
The 2005 peak of 7.08M existing sales has not been matched. The 2008 collapse cut sales to 4.13M; the 2021 pandemic surge brought them back to 6.12M before the rate-driven freeze of 2022–2024 dragged the count to its lowest level since 1995.Definitions
- Sales
units, K or M - Price
median, current $ - Rate
30-yr fixed, % APR - SAAR
Census - EHS
NAR - PMMS
Freddie Mac - Recession
NBER monthly
Understanding Existing Home Sales
Existing-home sales — tracked by the National Association of Realtors since 1968 — represent the vast majority of U.S. residential market activity, typically 85–93% of all home sales in any given year. The metric counts closed transactions on single-family homes, townhomes, condominiums, and co-ops reported through Multiple Listing Services (MLS). Unlike new-home sales (which are recorded at contract signing), existing-home sales are recorded at the closing table — the moment the deed transfers and money changes hands. That timing distinction makes existing sales a coincident indicator, while new-home sales lead the cycle by several months.
The 2005 Peak and the 2024 Floor
The 2005 peak of 7.08 million existing home sales was driven by the expansion of subprime mortgage origination, which dramatically widened the pool of eligible buyers. The subsequent collapse saw sales fall to 4.13 million by 2008 — a 42% decline. The market did not fully recover until the pandemic-era surge of 2020–2021, when sub-3% mortgage rates pushed sales back to 6.12 million. The 2024 reading of 4.06 million is the lowest since 1995, reflecting the rate-lock dynamic: with the median outstanding mortgage rate around 4% and prevailing rates near 7%, homeowners are reluctant to sell and lose their favorable rate. For the structural mechanics, see the rate-lock explainer.
Why This Series Matters Most
Because existing homes account for the bulk of U.S. residential transactions, this series is the dominant driver of median price formation, brokerage industry revenue, and the secondary mortgage market. When existing-home sales freeze, MLS inventory falls, the mortgage origination pipeline thins, and the broader real-estate services economy contracts. For the full historical dataset and per-year detail, see the master data table or browse the year archives.