Homes in Rocklin, California, US, on Tuesday, Dec. 6, 2022. A record number of homes are being delisted as sellers face a sharp drop in demand, according to real estate brokerage Redfin.
David Paul Morris | Bloomberg | Getty Images
Sales of previously owned homes dropped 1.5% in December from the previous month, according to the National Association of Realtors.
Sales ended the year at a seasonally adjusted, annualized pace of 4.02 million units, which was 34% lower than December 2021. It is the slowest pace since November 2010, when the nation was struggling through a housing crisis brought on by faulty subprime mortgages.
Total sales for the year were down 17.8% from 2021.
Home sales have…