HomeReal EstateExisting Home Sales Fall to Slowest Pace in 30 Years

Existing Home Sales Fall to Slowest Pace in 30 Years

Data from the National Association of Realtors (NAR) revealed that existing home sales fell to 4.09 million in 2023; the slowest rate in 30 years and 19% lower than 2022. The NAR insisted that market conditions weren’t as bad in the early 1990s when there were roughly 266 million Americans in the US compared to around 335 million today.

Bright MLS chief economist Lisa Sturtevant insisted that while economic conditions remain tight, steep mortgage rates are not solely to blame for slower home sales. “We can’t blame high mortgage rates for the deficit in transactions last year. In reality, demand for housing — and homeownership, in particular — has remained high, despite higher rates,” Sturtevant explained, continuing, “Prospective homebuyers have been shut out of the market by a lack of inventory. If there had been more listings on the market in 2023, we would have had more home sales.”

Prices have also dissuaded buyers, the NAR reported. While the median home price in 1995 was $114,600, the median home price in the current market is around $389,800.

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