Existing U.S. home sales totaled 4.09 million last year, an 18.7% decline from 2022.

Mortgage rates surged to 7.76% in late October 2033, compared to rates less than 3% in 2022.

The NAR also reported that the national median home sales price rose 4.4% just last month from a year earlier to $382,600.

[Given the lack of demand, though, the price increase is a bit surprising, and still ahead of inflation in both the CPI and PCE indices. Higher mortgage rates certainly had an impact on demand, but a more likely impact came from the massive shift in demand during the pandemic. The sustained valuations would suggest that a demand rebound will occur this year. — Ed]