Saturday, February 24, 2024

US Home sales Fall in 2023 to the lowest level in Nearly 30 Years

The number of homes sold in the United States reached its lowest level in almost 30 years in 2023, in the context of a sharp increase in interest rates by the Federal Reserve (Fed), the National Federation of Realtors (NAR) reported on Friday.

In one year, 4.09 million units were sold, while home loan interest rates continued to rise under the combined effect of Federal Reserve rates and Treasury bond yields.

The number of homes sold in the United States reached its lowest level in almost 30 years in 2023, in the context of a sharp increase in interest rates by the Federal Reserve (Fed), the National Federation of Realtors (NAR) reported on Friday.

In one year, 4.09 million units were sold, while home loan interest rates continued to rise under the combined effect of Federal Reserve rates and Treasury bond yields.

In December, sales of used homes fell again, after an unexpected increase the previous month, to 3.78 million homes, 1% lower than in November.

This was slightly better than the expectations of analysts, who expected a drop of 3.8 million homes sold, according to the consensus published by briefing.com.

The average sales price also decreased compared to the previous month, to $382,600, but was 4.4% higher than the same period last year.

For all in 2023, the average price will reach $389,800, a record level according to NAR.

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
Latest news
Related news