December US home sales fall, capping nearly 18% drop in 2022

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — Sales of previously occupied U.S. homes slumped nearly 18% in 2022, the slowest year for the housing market in nearly a decade. The National Association of Realtors said Friday that existing home sales totaled 5.03 million last year, a 17.8% decline from 2021. That marks the weakest year for home sales since 2014. Even so, the median national home price for all of last year jumped 10.2% to $386,300. Home sales slumped in 2022 as mortgage rates more than doubled while the Federal Reserve hiked its key lending rate in its bid to cool the economy and tame inflation. Sales fell 34% in December from a year earlier, marking their 11th consecutive monthly decline.

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