Home Sales Hit Lowest Level in Nearly 30 Years

Existing home sales fell last year as low inventory, decreased affordability and high interest rates pressured the housing market.

Miniature model of yellow single family house about to fall off edge of white shelf, blue background
(Image credit: PM Images, Getty Images)

Many prospective U.S. home buyers stayed away from the market last year as prices climbed and inventory sank, pushing existing home sales to their lowest level in nearly 30 years.

Last year, existing home sales — including single-family homes, townhomes, condominiums and co-ops — dropped to 4.09 million, the lowest level since 1995 when these sales totaled 3.85 million, according to a new National Association of Realtors (NAR) report. The median sale price last year hit a record high of $389,800, the association said in the report.

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Joey Solitro

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration. 

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