Home sales in the US sank to the lowest in nearly 30 years, as a sharp rise in interest rates increased costs for buyers and persuaded many potential sellers with lower rates to stay put.
Just 4.09 million homes were purchased, the fewest since 1995, as tight supply pushed prices to a new record, the National Association of Realtors said.
The organization said it expected the market to improve in 2024.
But it warned that affordability would remain an issue.
The median sale price in 2023 climbed 1% over the year, to $389,800 (£307,625), according to the NAR, which publishes the widely tracked report on sales of existing homes, which account for the bulk of purchases in the US.
The median price has jumped more than 40% since 2019, after a surge in prices during the pandemic.
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