U.S. home sales tumbled to the slowest pace in nearly a decade as soaring mortgage rates and sky high prices in 2022 pushed homeownership out of reach for many Americans.
LOS ANGELES — The National Association of Realtors said Friday that existing U.S. home sales totaled 5.03 million last year, a 17.8% decline from 2021The median national home price for all of last year jumped 10.2% to $386,300, the NAR said, and it’s up 42% from 2019The National Association of Realtors said Friday that existing U.S. home sales totaled 5.03 million last year, a 17.8% decline from 2021.
Mortgage rates more than doubled in 2022, climbing to a two-decade high of 7.08% in the fall as the Federal Reserve continued to boost its key lending rate in a quest to cool the economy and tame inflation. Home sales slowed from a torrid pace at the start of the year as the surge in borrowing costs limited home hunters’ buying power.
Mortgage rates are likely to remain a significant hurdle with the Federal Reserve consistently signaling its intent to keep raising short-term rates. While inflation has begun to slow, some Fed officials maintain that the central bank needs to keep hiking rates to make sure its job is done. December’s sales sank 34% from a year earlier. Excluding the steep slowdown in sales that occurred in May 2020 near the start of the pandemic, sales last month skidded to the slowest annual pace since November 2010.
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