Existing home sales fell in December to the lowest level in more than a decade as higher mortgage rates cause turmoil in the housing market.
Home sales in December slowed 1% to a seasonally adjusted annual rate of 3.78 million, the National Association of Realtors reported on Friday, as higher mortgage rates priced out many would-be buyers and led many homeowners to avoid selling and having to reenter the home loan market.
The pace of home sales is down 6.2% from the year before.
Total housing inventory at the end of December was 1 million units, down 11.5% from November but up 4.2% from a year ago.
The median price of an existing home in November was $382,000, an increase of 4.4% from the year before. Additionally, homes typically remained on the market for 29 days in December, up from 25 days in November.