US Home Sales Sink to 30-Year Low in 2023 as High Mortgage Rates Deter Buyers
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U.S. existing home sales dropped to a nearly 30-year low in 2023, down 18.7% from 2022. This is the weakest year since 1995.
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The median national home price edged up just under 1% to a record high of $389,800 in 2023.
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Mortgage rates surged to over 7% in late 2022, limiting buyers' purchasing power. Rates have eased recently but remain much higher than 2 years ago.
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December 2023 saw the slowest monthly home sales pace since August 2010, down 6.2% from the previous year.
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Economists expect home sales to bottom out soon and start rising again in 2023 as mortgage rates fall further.