In December, existing-home sales experienced a 1.0% decline, reaching a seasonally adjusted annual rate of 3.78 million. This reflects a 6.2% drop compared to the previous year. The median price for existing homes increased by 4.4% from December 2022 to $382,600, marking the sixth consecutive month of year-over-year price growth.
Looking at the yearly performance, existing-home sales in 2023 plummeted to the lowest level in almost three decades, totaling 4.09 million. Despite the decrease in sales, the median home price soared to a record high of $389,800.
The inventory of unsold existing homes witnessed an 11.5% decline from the previous month, settling at 1 million by the end of December. This represents a 3.2 months' supply at the current monthly sales pace.
Read more at https://www.nar.realtor/newsroom/existing-home-sales-slid-1-0-in-december
