(NewsNation) — Home sales are on pace to hit their lowest point in nearly three decades … again.

There were 3.85 million sales of existing homes in 1995, according to National Association of Realtors (NAR) data compiled by the Wall Street Journal. So far, 3.07 million existing homes have sold in 2024, with just more than two months left in the year.

If little changes, this will be the second consecutive year existing home sales fell to a nearly 30-year low. The projection comes after a 3.5% decline in home sales compared to September 2023.

Some regions are performing better than others. The West saw existing-home sales climb 4% in September, while the Northeast, Midwest and South all recorded declining sales.

Meanwhile, the median existing-home sales price increased by 3% over the same period. It now sits at $404,500, marking the 15th consecutive month of year-over-year increases, according to the NAR.

“Home sales have been essentially stuck at around a four-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing,” said NAR Chief Economist Lawrence Yun. “There are more inventory choices for consumers, lower mortgage rates than a year ago and continued job additions to the economy.”