From Fortune:

1. The existing home sales in 2023 are at their lowest level since 1995 at 4.09 million transactions, worse than the Global Financial Crisis.
2. Existing home sales slipped 1% from November to December 2023 to a seasonally adjusted annual rate of 3.78 million.
3. The poor pace of home sales isn’t due to demand but is due to a lack of supply. Inventory levels are 36% lower than pre-pandemic levels.
4. Low inventory levels have been particularly hard on millennials and other younger buyers.
5. A drop in mortgage rates could improve inventory levels this year and NAR’s chief economist Lawrence Yun expects home sales to increase.
6. The median existing-home sales price rose 4.4% from December 2022 to $382,600.



Read more: Existing home sales hit lowest point since 1995 in 2023: National Association of Realtors