Sales of previously occupied U.S. homes slumped nearly 18% in 2022, the slowest year for the housing market in nearly a decade.
VIDEO: House sales at 10 year lowU.S. home sales tumbled to the slowest pace in nearly a decade as soaring mortgage rates and sky high prices in 2022 pushed homeownership out of reach for many Americans.
“So, homeowners have done well during this housing from 2019 through Covid until now,” said Lawrence Yun, the NAR’s chief economist. “The one big negative for home sales is home prices, which have risen dramatically, much faster than peoples’ income.” The average rate on a 30-year mortgage rate fell this week to 6.15%, its lowest level since September, according to mortgage buyer Freddie Mac. Still, it remains nearly double the 3.56% average rate a year ago.
Existing home sales fell in December for the 11th month in a row to a seasonally adjusted annual rate of 4.02 million, the NAR said. That’s slightly better than what economists were expecting, according to FactSet.
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