U.S. Home Sales Hit Record Low in December as Interest Rates Surge

According to multiple news sources, existing home sales in the United States fell for the 11th consecutive month in December, hitting their slowest pace since November 2010. Los Angeles experienced the second-largest drop in home prices in the nation, with inventory remaining high.

The Wall Street Journal reported that existing-home sales slid last year as interest rates surged. Realtor.com News reported that existing home sales fell by 1.5% in December, and The Washington Post reported that the sales fell by nearly 18% in 2022.

The decline in existing home sales has been attributed to a number of factors, including rising interest rates, an increase in home prices, and a lack of inventory. However, experts are hopeful that the market will improve in the coming months.

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