The housing market is facing a serious downturn this year, with home sales on track to be the worst since 1995. The National Association of REALTORS® reports only 3.07 million existing home sales so far in 2024, a significant drop compared to 3.85 million in 1995. Regions like the South, West, and Northeast have experienced sharp declines, while the Midwest remains steady.
Amid this, the median existing-home sales price continues to rise, increasing by 3% to $404,500. This marks the 15th consecutive month of year-over-year price increases, despite the steep decline in actual sales.
While the housing market struggles, gold prices are on a historic rise. In 2024, gold surged to near-record highs, closing in on $2,800 per ounce as of October, up from $2,160 per ounce in March. This spike is driven by geopolitical tensions, central bank purchases, and expectations that the Federal Reserve may soon cut interest rates. Some analysts predict gold could hit $3,000 per ounce by year-end.
The contrast between falling home sales and rising gold prices underscores the growing economic uncertainty. As mortgage rates and economic conditions put pressure on the housing market, investors increasingly turn to gold as a safe-haven asset, reflecting shifts in investor confidence and broader concerns about financial stability.
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