US Existing Home Sales Crashes to Nearly 30-Year Low

Sales of existing homes dropped last year to the lowest in 28 years even as property prices jumped to record highs, according to the National Association of Realtors (NAR) Existing home sales declined to 4.09 million units in 2023, which is the lowest level since 1995, according to a Jan. 19 NAR press release. At the same time, the median price of homes hit a “record high” of $389,800. “Despite sluggish home sales, 85 million homeowning households enjoyed further gains in housing wealth,” said NAR Chief Economist Lawrence Yun. “Obviously, the recent, rapid three-year rise in home prices is unsustainable.” “If price increases continue at the current pace, the country could accelerate into haves and have-nots. Creating a path towards homeownership for today’s renters is essential. It requires economic and income growth and, most importantly, a steady buildup of home construction.”...