Home Sales Hit a New Low: 2023 Ends with Weakest Performance Since 1995 The real estate market witnessed a significant downturn in December, with sales of previously owned homes dropping 1% from November to 3.78 million units, adjusted seasonally and annualized. This decline marks a 6.2% decrease compared to December 2022, reaching the lowest point since August 2010. The year 2023 closed with only 4.09 million units sold, the weakest performance since 1995. Regionally, sales remained flat in the Northeast but fell in other areas, with a 4.3% decrease in the Midwest, a 2.8% drop in the South, and though the West saw a 7.8% increase. These numbers reflect home closings from contracts likely signed in late October and November, a period when mortgage rates were considerably higher, peaking at around 8% in October before dropping to the 7% range in November. The current rate stands at 6.89%, as per Mortgage News Daily. Michael PiccoiniStrategic Planning, Leadership & Analysis Professional with a background in healthcare, manufacturing and retail. I have a strong understanding of the complex world of revenue Management and how to make it more relevant, understandable, and actionable for executive leadership across all levels of an organization. My career has spanned several years at UnitedHealth Group, Inc. I obtained my B. Comm from the University of Windsor and MBA from Wayne State University « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Gold ETFs Wane Despite Highs: A Glimmer of Hope on the Horizon? READ MORE The rising de-dollarization trend is a risk to US stocks, Morgan Stanley wealth CIO says READ MORE U.S. Treasury to Boost Long-Term Debt Sales READ MORE A Closer Look at HSBC’s New Gold Token READ MORE World Gold Council Podcast — Unearthed: Gold in technology throughout the ages READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment