Dwelling Downer

December existing housing sales slid to a seasonally adjusted annualized rate of 3.87 million, the lowest level since 8/10 and the end of the second round of ill-fated congressionally enacted first-time homebuyer incentives. Excluding that, 12/23 was the worst month since late 2008. 2023 sales were 4.09 million, the lowest since 1995, down from 5.03 million in 2022, and 6.12 million in 2021. 12/23 is likely this cycle’s sales trough.