December home sales hit rock bottom, but a rebound is on the horizon

  • Home sales fell to a 29-year low in 2023
  • December home sales expected to be the bottom before rebounding in the new year
  • Sales of previously owned homes fell by 1% to an annual rate of 3.78 million in December
  • Home sales in 2023 dropped by nearly 19% from the previous year
  • Median home price reached a record high in December at $382,600
  • Total number of homes for sale in December rose 4.2% from last year
  • U.S. housing market is in a state of flux with falling mortgage rates drawing buyers back in
  • More inventory is expected to appear on the market in upcoming months

Home sales in December 2023 reached the lowest level in over a decade, with a 1% decline in sales of previously owned homes. Overall, home sales in 2023 dropped by nearly 19% compared to the previous year, marking the lowest level since 1995. The median home price in December rose to a record high of $382,600, while the total number of homes for sale increased by 4.2% from the previous year. Despite falling mortgage rates attracting buyers, the lack of inventory continues to put pressure on the housing market. However, experts predict a rebound in the new year, with more inventory expected to enter the market in the coming months.

Public Companies: National Association of Realtors (NAR)
Private Companies:
Key People: Lawrence Yun (Chief Economist at the National Association of Realtors)

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Factuality Level: 7
Justification: The article provides specific data and quotes from the National Association of Realtors to support its claims about home sales and prices. However, it does not provide any counterarguments or alternative perspectives, which could potentially introduce bias. Additionally, the article does not provide any sources or links to further information.

Noise Level: 3
Justification: The article provides relevant information about home sales falling in December and the reasons behind it. It includes data on sales activity, prices, and inventory. However, it lacks in-depth analysis and does not provide actionable insights or solutions.

Financial Relevance: Yes
Financial Markets Impacted: The article provides information on the state of the U.S. housing market, which can impact the real estate industry, mortgage rates, and potentially the stock market.

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article discusses the state of the housing market, specifically the decrease in home sales and the increase in home prices. While this is a significant development in the financial sector, it does not describe an extreme event.

Reported publicly: www.marketwatch.com