2023 Was Slowest Year For US Home Sales In Nearly 30 Years
January 19, 2024 11:55AM CST
Credit: MGN
LOS ANGELES (AP) — Sales of previously occupied U.S. homes sank in 2023 to a nearly 30-year low as mortgage rates climbed to the highest level in more than two decades, pushing homeownership out of reach for many Americans.
The National Association of Realtors said Friday that existing U.S. home sales totaled 4.09 million last year, an 18.7% decline from 2022.
That is the weakest year for home sales since 1995 and the biggest annual decline since 2007, the start of the housing slump of the late 2000s.
The median national home price for all of last year edged up just under 1% to record high of $389,800, the NAR said.
