Housing market struggles as affordability worsens and supply remains low

  • Existing home sales in 2023 dropped to the lowest level in 28 years
  • Sales fell 19% in 2023 compared to the previous year
  • December sales fell 1% from the prior month to a rate of 3.78 million
  • December sales fell 6.2% from a year earlier

Sales of previously owned homes in 2023 dropped to the lowest level in 28 years, as home-buying affordability worsened and the supply of homes for sale remained low. Existing home sales, which make up most of the housing market, slid 19% in 2023 from the prior year to 4.09 million, the lowest full-year level since 1995, the National Association of Realtors said Friday. On a monthly basis, sales fell 1% in December from the prior month to a seasonally adjusted annual rate of 3.78 million, the lowest monthly rate since August 2010. December sales fell 6.2% from a year earlier.

Public Companies: National Association of Realtors ()
Private Companies:
Key People:

Factuality Level: 8
Justification: The article provides specific data from the National Association of Realtors to support the claim that sales of previously owned homes dropped to the lowest level in 28 years. The information is not sensationalized or exaggerated, and there is no obvious bias or personal perspective presented. However, the article could have provided more context or analysis to explain the reasons behind the drop in sales.

Noise Level: 8
Justification: The article provides relevant information about the drop in sales of previously owned homes in 2023. It includes data from the National Association of Realtors and highlights the factors contributing to the decline. However, it lacks a thoughtful analysis of long-term trends or potential solutions to address the issue.

Financial Relevance: Yes
Financial Markets Impacted: Real estate market

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article pertains to the financial topic of home sales, specifically the drop in sales of previously owned homes in 2023. However, there is no mention of an extreme event or its impact.

Reported publicly: www.marketwatch.com