US Home Sales Hit 30-Year Low in 2023 Amid High Mortgage Rates

Despite easing rates, December sees slowest sales pace since 2010, with first-time buyers making up only 29% of sales.

Sales of previously occupied U.S. homes in 2023 sank to a nearly 30-year low, with a total of 4.09 million sales, marking an 18.7% decline from 2022.
The median national home price for 2023 rose just under 1% to a record high of $389,800.
Mortgage rates surged in 2023, reaching a two-decade high of 7.08% by late October, limiting buying power and discouraging potential sellers.
Despite easing mortgage rates, existing home sales fell 1% in December from the previous month to a seasonally adjusted annual rate of 3.78 million, the slowest sales pace since August 2010.
First-time homebuyers accounted for just 29% of all homes sold in December, down from 31% in November and December 2022.