Home Sales Hit a New Low: 2023 Ends with Weakest Performance Since 1995 The real estate market witnessed a significant downturn in December, with sales of previously owned homes dropping 1% from November to 3.78 million units, adjusted seasonally and annualized. This decline marks a 6.2% decrease compared to December 2022, reaching the lowest point since August 2010. The year 2023 closed with only 4.09 million units sold, the weakest performance since 1995. Regionally, sales remained flat in the Northeast but fell in other areas, with a 4.3% decrease in the Midwest, a 2.8% drop in the South, and though the West saw a 7.8% increase. These numbers reflect home closings from contracts likely signed in late October and November, a period when mortgage rates were considerably higher, peaking at around 8% in October before dropping to the 7% range in November. The current rate stands at 6.89%, as per Mortgage News Daily. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Green Bonds Gleam with Promise as Interest Rates Set to Tumble READ MORE There is a de-dollarisation happening in global economy – why not bring back ‘gold standard’? READ MORE Weaker supply will drive platinum deficit higher than expected in 2024, WPIC says READ MORE Currency Made of Actual Gold Hoping to Reach Nevadan’s Wallets READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment