Home Sales Plunge to a 28-Year Low

US existing home sales plunged to a 28-year low (i.e. the lowest number of sales since 1995). This is quite the downturn given that closed home sales skyrocketed to a 15-year high in 2021. Therefore, in a span of 2 years sales jumped to the highest levels since 2006 to the lowest amount since 1995.

Also, the seasonally adjusted annualized pace of home sales in December 2023 was only 3.78M (the slowest sales pace since Aug 2010).

Meanwhile the US median sold price increased by 4.4% from December 2022 to December 2023 but despite this, home prices are at a 9-month low.

In today’s video, I provide all the details including my own analysis of home sales and home prices using the National Association of Realtors’ (NAR) data. Link is below for the report I went over in today’s video.

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Compilation of Housing Market Forecast videos:
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Report I covered in today’s video:
https://www.nar.realtor/newsroom/existing-home-sales-slid-1-0-in-december

To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 6.7% for the current mortgage rates (at the time of filming this video for those with excellent credit).

Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?

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Jason Walter, CPA (inactive CPA lic 103885)
Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
[email protected]

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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.

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#homeprices #Realtor #housingmarket