4.1 million: existing-home sales in 2023 were the lowest in 28 years

The National Association of Realtors reported about 4.09 million existing-home sales for 2023, the lowest annual total since 1995. In 2024 the count stayed near the same level. High mortgage rates and a thin supply of listings kept both buyers and sellers on the sidelines.

Low volume does not mean no demand. It means the usual route, list the house and wait for a buyer with a bank loan, takes longer or fails for some sellers. People who must move for work, divorce, an inheritance or a health change cannot always wait.

What it means for terms deals

A seller facing a long listing time has more reasons to listen to another structure. Options include a lease with an option to buy, seller financing with a down payment and monthly payments, or a transfer that leaves the existing loan in place. Each trades speed or certainty for terms, and each carries its own legal and financial risks.

It also means more competition among people who market to these sellers, so honesty matters. A clear written explanation of how the deal works, what the seller keeps responsibility for, and what the seller should ask an attorney builds trust. Sellers also have the option to list, and sometimes listing is the better choice. Say so when it is.

What to check

• Current sales data from NAR before you cite a number.
• Local days on market for houses in the seller's price range.
• The costs of listing for the seller, including agent commissions, repairs and closing costs, compared with your offer.

Sources

• National Association of Realtors, research and statistics: https://www.nar.realtor/research-and-statistics

This is general information, not legal or tax advice. Please check with a licensed professional in your state.