U.S. home sales drop to 12-year low; price growth cools

Published by
Reuters

By Lucia Mutikani WASHINGTON (Reuters) – U.S. existing home sales plunged to a 12-year low in December, but declining mortgage rates raised cautious hope that the embattled housing market could be close to finding a floor. The report from the National Association of Realtors on Friday also showed the median house price increasing at the slowest pace since early in the COVID-19 pandemic as sellers in some parts of the country resorted to offering discounts. The Federal Reserve’s fastest interest rate-hiking cycle since the 1980s has pushed housing into recession. “Existing home sales are somewh…

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