Key Points:

  • Existing-home sales fell 1.0% in December from November, after rising in November, to a seasonally adjusted annual rate of 3.78 million.
  • On an annual basis, existing-home sales (4.09 million) dropped to the lowest level since 1995, while the median price reached a record high of $389,800 in 2023.
  • Existing-home sales fell 6.2% from one year ago.
  • The median existing-home sales price for November rose 4.4% from one year ago to $382,600 for the sixth consecutive month of year-over-year price increases.
  • First-time buyers were responsible for 29% of sales in December, down from 31% in November and December 2022.
  • “The latest month’s sales look to be the bottom before inevitably turning higher in the new year,” said NAR Chief Economist Lawrence Yun.
  • The Right Facts will continue to monitor home sales.