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Published: Oct 19, 2023 4 min read
Illustration depicting spiking house prices

This year will likely go down as the slowest for U.S. home sales since the Great Recession as mortgage rates and high prices continue to constrain the housing market.

With two and a half months left in 2023, Redfin estimates there will be a total of 4.1 million existing home sales for the year. That would be the lowest amount since 2008.

“Buyers have been in a bind all year,” Chen Zhao, economic research lead at Redfin, said in a new report. “High mortgage rates and still-high prices are making it harder than ever to afford a home.”

A separate report from the National Association of Realtors (NAR) shows that home sales decreased by 2% from August to September and are down 15.4% compared to September 2022. Home sales fell in September in every region in the U.S. except the Northeast.