Existing home sales in the United States will likely drop in 2023 to an 11-year low.
Sales of previously owned homes will fall for a second year in 2023 to their lowest annual total since 2012, when the housing market was still recovering from the subprime mortgage crisis of 2008–09, according to the National Association of Realtors (NAR) on Dec. 13, which believes that housing sales prices will remain high, but stable.
Previously owned home sales have been falling since the beginning of the year as Federal Reserve’s aggressive policy to hike interest rates in its battle against high inflation caused mortgage rates to surge….