"US Home Sales Hit 28-Year Low in 2023 Amidst High Mortgage Rates"

Existing home sales in the US dropped to a nearly 30-year low in 2023, with a 18.7% decline from the previous year, as mortgage rates reached a two-decade high and prices hit record levels, making homeownership unattainable for many Americans. The National Association of Realtors reported that the median national home price rose to a record high of $389,800, while mortgage rates have since eased, potentially boosting demand for the upcoming spring homebuying season.