Posted 1/19/2024, 2:59:49 PM
High Mortgage Rates Lead to Steepest Drop in Home Sales Since 2010
- Home sales slumped 1% in December to the lowest level since 2010 due to high mortgage rates
- Mortgage rates hit their highest in decades in late October when December home sales contracts were being signed
- Recent mortgage rate declines could help improve affordability and boost sales in 2024
- Inventory has remained low as sellers are reluctant to give up cheap pandemic-era mortgages
- The typical home sold for a record $382,600 in December as prices remained high amid tight supply