US Home Sales Drop to 12-year Low; Price Growth Cools

US Home Sales Drop to 12-year Low; Price Growth Cools
A "For Rent, For Sale" sign is seen outside of a home in Washington on July 7, 2022. Sarah Silbiger/Reuters
Reuters
Updated:
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WASHINGTON—U.S. existing home sales plunged to a 12-year low in December, but declining mortgage rates raised cautious hope that the embattled housing market could be close to finding a floor.

The report from the National Association of Realtors on Friday also showed the median house price increasing at the slowest pace since early in the COVID-19 pandemic as sellers in some parts of the country resorted to offering discounts.