US Existing Home Sales Fall to Near 30-Year Low

The decline in sales happened as mortgage rates rose and made homes more expensive for buyers.

A "For Sale" sign is posted outside a single-family home in Philadelphia on Dec. 1, 2023. Matt Rourke/AP Photo

Sales of existing homes tumbled last year to the lowest in 28 years, even as property prices jumped to record highs, according to the National Association of Realtors (NAR).

Existing home sales declined in 2023 to 4.09 million units, the lowest since 1995, NAR said in a Jan. 19 statement. At the same time, the median price of homes rose to a “record high” of $389,800.