"2023 Marks 28-Year Low for US Home Sales Amid High Mortgage Rates"
TL;DR
Sales of previously owned US homes hit a nearly 30-year low in 2023 due to higher mortgage rates, rising prices, and a shortage of homes on the market. The National Association of Realtors reported a 18.7% decline in home sales from 2022, with the median home price reaching a record high of $389,800. Despite a recent pullback in mortgage rates and forecasts for further declines, the housing market is expected to remain imbalanced with intense competition for the limited inventory, making it difficult for first-time buyers to enter the market.
Topics:top-newsreal-estate#housing-market#inventory#mortgage-rates#national-association-of-realtors#real-estate#us-home-sales
- 2023 was slowest year for US home sales in nearly 30 years as high mortgage rates frustrated buyers The Associated Press
- December home sales slump to close out worst year since 1995 CNBC
- Home sales last year dropped to the lowest level in 28 years CNN
- Home Sales Were the Lowest in Almost 30 Years in 2023 The Wall Street Journal
- Live news: US existing home sales plunge to lowest level since 1995 Financial Times
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Read on The Associated Press