Existing Home Sales Drop Month-over-Month and Year-over-Year

According to the National Association of Realtors, U.S. existing home sales in December dropped 6.4 percent month-over-month and 10.3 percent year-over-year to a seasonally adjusted annual rate of 4.99 million, which marks the lowest level since 2015. The median sale price for an existing home in December rose 2.9 percent from a year earlier, the smallest increase since March 2012 and an indication that home-price growth has slowed significantly. The Wall Street Journal suggests that existing home sales were “weighed down by a surge in stock-market volatility, uncertainty as the government shutdown began and rising interest rates, which pushed up mortgage rates in November to their highest level in seven years.”

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