Many prospective U.S. home buyers stayed away from the market last year as prices climbed and inventory sank, pushing existing home sales to their lowest level in nearly 30 years.
Last year, existing home sales — including single-family homes, townhomes, condominiums and co-ops — dropped to 4.09 million, the lowest level since 1995 when these sales totaled 3.85 million, according to a new National Association of Realtors (NAR) report. The median sale price last year hit a record high of $389,800, the association said in the report.
