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U.S. Home Sales in 2024 Dipped to Lowest Level in Nearly 30 Years

U.S. Home Sales in 2024 Dipped to Lowest Level in Nearly 30 Years

Update: 2025-01-24

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Plus: U.S. economic activity loses pace in January. Meta increases spending by 70% to focus on AI and a new data center. Ariana Aspuru hosts.

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00:00

00:00

1.0x

Transcript

00:00:00

Calling all sellers, Salesforce is hiring account executives to join us on the cutting edge of technology.

00:00:07

Here, innovation isn't a buzzword.

00:00:09

It's a way of life.

00:00:11

You'll be solving customer challenges faster with agents, winning with purpose, and showing the world what AI was meant to be.

00:00:19

Let's create the agent first future together.

00:00:22

Head to salesforce.com/careers to learn more.

00:00:26

Here's your midday brief for Friday, January 24th.

00:00:34

I'm Adriana Aspuru for the Wall Street Journal.

00:00:37

U.S.

00:00:37

existing home sales fell in 2024 to the lowest level in nearly 30 years.

00:00:43

The National Association of Realtors said today that higher mortgage rates and record home prices caused existing home sales to dip 0.7% in 2024 from the prior year.

00:00:54

Last year, the Federal Reserve cut short-term rates three times, but mortgage rates have risen in recent months and topped 7% last week.

00:01:02

The unaffordable housing market has frustrated buyers and sellers, as well as hurt mortgage lenders, real estate brokerages, and home goods stores.

00:01:10

NewsCorp, owner of the journal, also operates Realtor.com under license from NAR.

00:01:17

Despite signs of recovery in the factory sector, U.S.

00:01:20

economic activity expanded at a slower pace at the start of the year.

00:01:24

The S&P Global Flash U.S.

00:01:25

composite PMI, which gauges activity in the manufacturing and services sectors, slipped to 52.4 in January from 55.4 in December, according to monthly surveys published today.

00:01:38

The decline was led by the service sector, but in contrast, the manufacturing sector showed increased activity for the first time in six months.

00:01:46

And Meta CEO Mark Zuckerberg announced the company would increase its capital spending this year to between $60 billion and $65 billion.

00:01:55

The 70% increase compared to 2024 is driven by artificial intelligence and a massive new data center.

00:02:02

This comes days after OpenAI and partners unveiled a $50 billion spending plan, backed by President Trump called Stargate, led by the chat GPT maker and the Global Tech Investor Softbank Group.

00:02:14

We'll have a lot more coverage of the day's news on the WSJ's What's News podcast.

00:02:18

You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.

00:02:24

U.S. Home Sales in 2024 Dipped to Lowest Level in Nearly 30 Years

U.S. Home Sales in 2024 Dipped to Lowest Level in Nearly 30 Years

The Wall Street Journal

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