The National Association of Realtors is reporting that existing-home sales fell 1 percent in December as sales slipped in the Midwest and South, rose in the West and were unchanged in the Northeast. All four regions experienced year-over-year sales decreases.
On an annual basis, existing-home sales dropped to the lowest level since 1995, while the median price reached a record high of $389,800 in 2023. The median existing-home price for all housing types in December was $382,600, an increase of 4.4 percent annually. All four U.S. regions posted price increases.
“The latest month’s sales look to be the bottom before inevitably turning higher in the new year,” said NAR Chief Economist Lawrence Yun. “Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in upcoming months.”
Total housing inventory registered at the end of December was 1 million units, down 11.5 percent from November but up 4.2 percent from one year ago.