Existing home sales slipped to lowest level since 1995 as prices climb

Sales of existing homes declined to the lowest level annually since 1995 while the median price reached a record high of $407,500 last year.

On a monthly basis, sales of existing homes climbed 2.2% in December to a seasonally adjusted annual rate of 4.24 million, the quickest pace since last February, according to most recent figures from the National Association of Realtors.

Total existing-home sales — which includes single-family homes, townhomes, condominiums and co-ops — gained 2.2% from November to a seasonally adjusted annual rate of 4.24 million in December.

“Home sales in the final months of the year showed solid recovery despite elevated mortgage rates,” NAR Chief Economist Lawrence Yun said. “Job and wage gains, along with increased inventory, are positively impacting the market.”

Housing inventory at the end of December was 1.15 million units, down 13.5% from November but up 16.2% from one year ago (990,000). Unsold inventory stood at a 3.3-month supply at the existing sales pace, down from 3.8 months in November but up from 3.1 months in December 2023.

- Advertisement -

The median existing-home price for all housing types in December was $404,400, up 6.0% from one year ago ($381,400).

“The median home price was elevated partly due to the upper-end market’s relative better performance,” Yun said. “Sales rose by 35% from a year ago for homes priced above $1 million, while sales fell for homes priced under $250,000.”

Real median household income was $80,610 in 2023, a 4% increase from the 2022 estimate of $77,540, according to the U.S. Census Bureau. It was the first statistically significant annual increase in real median household income since 2019.

The 30-year fixed-rate mortgage averaged 6.96% as of Jan. 23, that’s down from 7.04% one week ago but up from 6.69% one year ago, according to Freddie Mac.

Hot this week

African and Caribbean Nations Call for Reparations for Slave Trade, Propose Global Fund

Nations across Africa and the Caribbean, deeply impacted by...

Sports betting expert offers advice on paying taxes for gambling winnings

(The Center Square) – Tax season is underway, and...

Health care company agrees to pay $22.5 million to settle claims of over billing

A health care company agreed to pay nearly $22.5...

Entertainment district benefits don’t outweigh the cost, economists say

(The Center Square) — Weeks later, after more details...

Business association ‘disappointed’ by WA L&I’s proposed workers comp rate hike

(The Center Square) – The Association of Washington Business...

Everyday Economics: Could Treasury yields and mortgage rates end the week higher?

A higher-for-longer interest rate environment has the U.S. economy...

Trump imposes tariffs on Columbia for refusing to accept migrant flights

President Donald Trump on Sunday said the U.S. will...

CIA: COVID-19 likely originated at Wuhan lab

(The Center Square) – The COVID-19 virus "more likely"...

Is The Secret To Living Only Found Within A Terminal Diagnosis?

Multiple systems atrophy is a rare and deadly brain...

Washington med school opens up segregated resource to all races following lawsuit

(The Center Square) – After a lawsuit, the University...

UndocU Conference: A space for students in U.S. illegally

(The Center Square) – California State University Long Beach...

Appeals court to answer whether noncitizens have Second Amendment rights

Whether illegal immigrants have the right to keep and...

Not all are full steam ahead with Lumbees getting federal recognition

(The Center Square) – Federal recognition for the nation’s...

More like this
Related

Everyday Economics: Could Treasury yields and mortgage rates end the week higher?

A higher-for-longer interest rate environment has the U.S. economy...

Trump imposes tariffs on Columbia for refusing to accept migrant flights

President Donald Trump on Sunday said the U.S. will...

CIA: COVID-19 likely originated at Wuhan lab

(The Center Square) – The COVID-19 virus "more likely"...

Is The Secret To Living Only Found Within A Terminal Diagnosis?

Multiple systems atrophy is a rare and deadly brain...