US existing home sales drop to lowest level since 1995 - NAR

(Sharecast News) - US existing home sales fell in December to the lowest level since 1995, according to data released on Friday by the National Association of Realtors. Existing home sales fell 1% from November to a seasonally-adjusted annual rate of 3.78m, coming in below consensus expectations of 3.82m. On the year, sales declined by 6.2%.

On an annual basis, existing home sales fell to their lowest level in nearly 30 years, to 4.09m from 5.03m in 2022.

Meanwhile, the median price of a home reached a record high of $389,800 in 2023.

NAR Chief Economist Lawrence Yun said: "The latest month's sales look to be the bottom before inevitably turning higher in the new year.

"Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in upcoming months."