Sales of existing homes dropped for the 11th straight month in December, dropping to its lowest annualized pace since 2010 except for immediately following the start of the COVID-19 pandemic. The National Association of Realtors (NAR) said in a release on Friday that existing home sales last month stood at a seasonally adjusted annual rate of 4.02 million, a drop of 1.5 percent from November and 34 percent from a year prior. NAR reported that existing home sales were at 5.03 million during 2022, which is a 17.8 percent drop from 2021. “December was another difficult month for buyers, who continue to face limited inventory and high mortgage rates,” NAR Chief Economist Lawrence
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