U.S. Existing-Home Sales Slid Last Year as Interest Rates Surged

U.S. existing-home sales slid 17.8% in 2022 to their lowest level since 2014 as interest rates rose and the economy cooled

Housing is one of the most weighted categories when tracking inflation, but it’s also one of the most complicated to measure. WSJ’s David Harrison explains how the shelter index is calculated, and why it can muddy the inflation outlook for the Fed. Illustration: Laura KammermannU.S. existing-home sales fell last year to their lowest level since 2014, as surging mortgage rates made home purchases too expensive for many buyers.

Sales of previously owned homes, which make up most of the housing market, slid 17.8% in 2022 from the prior year to 5.03 million, the National Association of Realtors said Friday. On a monthly basis, sales fell 1.5% in December from the prior month to a seasonally adjusted annual rate of 4.02 million, the weakest rate since November 2010. December sales fell 34% from a year earlier.

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