"2023 Sees Record Low Home Sales and Plunging Prices in US Real Estate Market"

The US housing market is experiencing a freeze as demand for existing homes has collapsed, leading to a drop in prices and the highest supply for any December since 2018. The median price of existing homes dropped to $382,600 in December, down 7.5% from the peak in June 2022. Sales of existing homes fell to the lowest level since 2010, with actual sales down by 42% from December 2021. Active listings and new listings of existing homes have seen unusual trends, with new listings in December 2023 up from a year earlier. Homebuilders are adjusting to the market by building smaller houses with fewer amenities and offering incentives to buyers, leading to decent sales of new homes.