Home sales hit a 30-year low in 2023 amid high mortgage rates, 7.79% in late October

Mortgage rates surged to 7.08% in late October last year.

Published: January 19, 2024 11:37am

U.S. home sales hit a 30-year low in 2023 amid high mortgage rates, the National Association of Realtors said Friday.

Existing U.S. home sales totaled 4.09 million last year, an 18.7% decline from 2022.

Mortgage rates surged to 7.76% in late October 2033, compared to rates less than 3% in 2022.

The NAR also reported that the national median home sales price rose 4.4% just last month from a year earlier to $382,600.

NAR's chief economist expressed some optimism for future months and those looking to purchase homes.

“The latest month’s sales look to be the bottom before inevitably turning higher in the new year,” said Lawrence Yun said, according to ABC News. “Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in upcoming months.”

Rates are now at about 7.5%.