U.S. existing home sales increased to a 10-month high in December, but further gains are likely to be limited by elevated mortgage rates and house prices, which are keeping many prospective buyers on the sidelines.

Existing-home sales were higher in December, but still came in at their lowest levels since 1995. Economists see positive trends that could continue into 2025.

“While respondents remain discouraged by the pandemic-era run-up in home prices and mortgage rates, the upward trend in homebuying sentiment in 2024 may reflect a slow acclimatization to the generally less-affordable market conditions," the release noted.

Sales of existing homes in the US fell last year to the lowest level in almost three decades, as sky-high home prices and elevated mortgage rates squeezed home buyers.

Sales of previously occupied U.S. homes fell in 2024 to a nearly 30-year low for the second year in a row as elevated mortgage rates, rising home prices and a low level of properties on the market kept many prospective homebuyers out of the market.

Existing home sales declined in 2024 to the lowest level since 1995, while median home prices rose to a record high as elevated mortgage rates confound the market.

Tesla launched a refreshed version of its best-selling Model Y in the US and Europe as the company looks to reverse its first annual sales decline in over a decade.

Tesla's Chinese market share is strong — but not as strong as the hold the California-born, Texas-based EV startup has on the U.S. car market. According to data from Cox Automotive, Tesla's Model Y was the best-selling EV in the domestic market last year by a wide margin (and one of the best-selling passenger vehicles overall) — and now,