Tag Archives: Existing sales

On an annual basis, existing-home sales (4.09 million) fell to the lowest level in nearly 30 years, while the median price reached a record high of $389,800 in 2023.

"Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation," said NAR Chief Economist Lawrence Yun.

“These high interest rates have had a great impact on the U.S.’ overall economic performance,” said National Association of Realtors Chief Economist Lawrence Yun. “Statistically, this is much better than the historical average, but if we look at this component, there are some worrying signs in the economy.”

According to a new report from Fannie Mae, a deceleration in home prices is likely in 2024, with economic growth projected to slow.