"US Existing Home Sales Hit 28-Year Low in 2023"

U.S. existing home sales fell to the lowest level since 1995, with sales of previously owned homes dropping 1% in December to an annual rate of 3.78 million units. The decline in inventory led to a record high median price of $389,800 for existing homes sold in December. The supply crunch is attributed to the rise in mortgage rates, which have recently retreated, and experts believe the market may turn higher in the new year with more inventory expected to appear.