From CNBC:

Sales of previously owned homes in the US fell 1% in December 2023 from November, hitting 3.78 million units, a 6.2% year-over-year decline. Full-year 2023 sales came in at 4.09 million units, the lowest since 1995. The median home price in December was $382,600, a 4.4% increase from the previous year, marking the sixth consecutive month of year-over-year price gains.

Regionally, sales were unchanged in the Northeast, down 4.3% in the Midwest, 2.8% in the South, and up 7.8% in the West. The count of home closings reflects contracts likely signed in late October and November, when mortgage rates were higher. However, rates have now fallen to 6.89%.

First-time buyers made up just 29% of December sales, down from 31% the year before and below the historical 40%. Tight supply has been raising home prices, making it challenging for this group to enter the market. Individual investors, who make up a large share of all-cash sales, bought 16% of homes in December, down from 18% in November.

Nevertheless, there is optimism for first-time home buyers in 2024, according to Danielle Hale, chief economist at Realtor.com. She suggests that with rents easing and more rental homes entering the market, investors may tread more cautiously in the housing market, creating less competition for potential first-time home buyers.



Read more: December home sales slump to close out worst year since 1995