Home Sales in 2023 Were the Lowest in 28 Years as Affordability Crisis Plagued Americans

Home Owners

Sales for existing homes, which make up a majority of the housing market, slumped to the lowest level since 1995 as rising prices and sky-rocketing mortgage rates increased unaffordability, according to the National Association of Realtors (NAR).

Existing home sales sank 1.0% in December compared to the previous month, falling 6.2% annually, with 4.09 million homes being sold for the year, according to a report from the NAR. The slump in sales follows a year of rising prices due to inflation, constrained supply and sky-high mortgage rates, which at one point neared 8%, suppressing demand and Americans’ ability to buy in the housing market.

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Commentary: Instead of Tightening Government’s Grip on Healthcare, Give Americans a Personal Option

Healthcare workers

As America begins to put the COVID-19 pandemic in the rearview, the lesson from this once-in-a-generation crisis couldn’t be clearer: We need less, not more, central planning in our lives.

For example, a study earlier this year by health economist Casey Mulligan revealed that economic lockdowns mandated by government were counterproductive, given the significant steps workplaces took to prevent the virus from spreading.

The same is true with health care. By now, most folks know the story of how Operation Warp Speed — the previous administration’s unprecedented plan to trim bureaucracy from the vaccine development process — resulted in the creation of multiple safe and effective vaccines in record time. But an equally important storyline is how states took a sledgehammer to their own bureaucracies to expand access to care for those in need.

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