Posted 1/19/2024, 6:27:00 PM
US Home Sales Fall to Lowest Level Since 1995 as Higher Prices and Mortgage Rates Continue to Deter Buyers
- U.S. existing home sales fell 1% in December and declined to the lowest annual level since 1995
- There were only 1 million homes listed for sale in December, down 11.5% from November
- The median price of an existing home hit a record high of $389,800 in December
- Homes sold quickly, with an average of just 29 days on the market
- Mortgage rates have retreated from highs above 7% but remain well above pre-pandemic averages around 3.9%