Existing-home sales — meaning sales of previously occupied homes, rather than newly built homes — have been on a downward trend all year. And with both mortgage rates and prices remaining fairly high, home shoppers have pulled back. A new report by the National Association of Realtors (NAR) indicates that buyers continue to take a wait-and-see approach.
“December was another difficult month for buyers, who continue to face limited inventory and high mortgage rates,” NAR Chief Economist Lawrence Yun said in a statement. “However, expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year.”
Existing-home sales fall for 11th straight month
