The median sale price of an existing home sold in December hit $389,800 - a record high.
The US residential real estate market experienced a significant decline in 2023, with home sales dropping to their lowest level since 1995.
The US residential real estate market experienced a significant decline in 2023, with home sales dropping to their lowest level since 1995. The median sale price of an existing home sold in December hit $389,800 - a record high. This was due to the fact that there were only 4.09 million homes purchased in total for the year.
U.S. existing home sales retreated in December after rising the previous month, closing out the worst year for the housing market in nearly three decades.
On an annual basis, existing home sales fell to the lowest level since 1995.
. It marked the slowest pace of sales since August 2010.
Accuracy
No Contradictions at Time
Of
Publication
Deception
(30%)
The article is deceptive in several ways. Firstly, it states that existing home sales tumbled to the lowest level since 1995 last year when in fact they fell to their lowest level since August 2010. Secondly, it claims that there were about 1 million homes for sale at the end of December which is incorrect as this number includes both new and previously owned homes. Thirdly, it states that mortgage rates are meaningfully lower compared to just two months ago when in fact they have retreated over the past month due to many investors believing the Federal Reserve is done with its aggressive interest-rate hike campaign.
The article claims that existing home sales tumbled to their lowest level since 1995 last year but this is incorrect as it fell to their lowest level since August 2010.
The article claims that mortgage rates are meaningfully lower compared to just two months ago when in fact they have retreated over the past month due to many investors believing the Federal Reserve is done with its aggressive interest-rate hike campaign.
The article states that there were about 1 million homes for sale at the end of December which includes both new and previously owned homes, however this number is incorrect.
Fallacies
(70%)
The article contains several fallacies. The author uses an appeal to authority when citing Lawrence Yun as the chief economist of NAR and stating that he said something about mortgage rates being meaningfully lower compared to just two months ago. This is not a logical fallacy but rather an attempt to establish credibility for the information presented in the article.
U.S. existing home sales retreated in December after rising the previous month, closing out the worst year for the housing market in nearly three decades.
Bias
(85%)
The article contains several examples of bias. The author uses language that dehumanizes the housing market by referring to it as 'the worst year for the housing market in nearly three decades'. This is an exaggeration and not supported by evidence provided in the article. Additionally, there are multiple instances where the author quotes experts who use extreme language such as 'unsustainable' and 'haves and have-nots', which further perpetuates a negative view of the housing market.
Homes sold on average in just 29 days last month. That is up from the 25 days recorded in November and 26 days in December 2023
Obviously, the recent, rapid three-year rise in home prices is unsustainable
The worst year for the housing market in nearly three decades
Site
Conflicts
Of
Interest (50%)
Megan Henney has a conflict of interest on the topic of existing home sales as she is reporting for Fox Business which is owned by News Corporation. The National Association of Realtors (NAR) and Lawrence Yun are also affiliated with this topic.
Author
Conflicts
Of
Interest (50%)
The author has a conflict of interest on the topic of existing home sales as they are reporting for Fox Business which is owned by News Corporation. The article mentions Lawrence Yun who is the Chief Economist at NAR and Freddie Mac which may have financial ties to the housing market.
The author reports that 'existing-home sales tumbled to their lowest level since 1995 last year'.
Sales of previously owned homes fell 1% in December compared with November to 3.78 million units on a seasonally adjusted annualized basis.
On an annual basis, existing home sales fell to the lowest level since 1995.
The median price of an existing home sold in December hit $389,800 - a record high.
Accuracy
No Contradictions at Time
Of
Publication
Deception
(30%)
The article is deceptive in several ways. Firstly, the author claims that sales of previously owned homes fell by 1% in December compared with November to 3.78 million units on a seasonally adjusted annualized basis.
Sales were down 2.8% in the South but rebounded 7.8% in the West.
Fallacies
(100%)
None Found At Time Of
Publication
Bias
(85%)
The article contains several examples of bias. The author uses language that dehumanizes the homebuyers by saying 'struggling' and 'approaching the market with optimism despite the challenge'. This is an example of emotional appeal which can be seen as a form of ideological bias. Additionally, there are multiple instances where the author quotes experts who provide their opinions on why sales have fallen or what may happen in the future. These quotes reflect a specific position and therefore could be considered examples of monetary bias.
approaching the market with optimism despite the challenge
Homes stayed on the market longer in December
struggling
"The latest month's sales look to be the bottom before inevitably turning higher in the new year," said Lawrence Yun, NARƔs chief economist, in a release.
"With rents continuing to ease and more multi-family homes entering the market for rent, investors may continue to tread more cautiously in the housing market," said Danielle Hale
Site
Conflicts
Of
Interest (50%)
There are multiple examples of conflicts of interest found in the article. The author has a financial stake in the real estate market as she is reporting for CNBC which is owned by Comcast, a company that also owns Realtor.com and Mortgage News Daily.
Diana Olick reports on December home sales slump to close out worst year since 1995.
Author
Conflicts
Of
Interest (50%)
Diana Olick has conflicts of interest on the topics of home sales and real estate market. She is a reporter for CNBC which covers mortgage news daily and Lawrence Yun who is the Chief Economist at National Association of Realtors.
Diana Olick also mentions Danielle Hale, a real estate expert who is quoted in her article. As a reporter for CNBC which covers mortgage news daily and Lawrence Yun who is the Chief Economist at National Association of Realtors, Diana may have conflicts of interest on this topic.
In her article, Diana Olick reports on data from Mortgage News Daily which shows that December 2023 home sales slumped to close out the worst year since 1995. This information may be influenced by Lawrence Yun's role as Chief Economist at National Association of Realtors.
The residential real estate market tumbled in 2023
as soaring interest rates steadily slowed sales activity
Accuracy
As a result of high prices and low inventory, home sales dropped to their lowest level since 1995
Despite sluggish home sales, 85 million home-owning households enjoyed further gains in housing wealth.
The median sale price in 2023 climbed 1% over the year
Deception
(30%)
The article is deceptive in several ways. Firstly, the title claims that home sales dropped to their lowest level in 28 years when they actually only dropped by a small percentage from the previous year. Secondly, it states that this was 'the least affordable market in decades' but fails to provide any context or data on what makes it so unaffordable compared to other markets. Thirdly, the article quotes Lawrence Yun stating that creating a path towards homeownership for today's renters is essential and implies that high prices are unsustainable when there is no evidence of this in the data provided.
The article states that this was 'the least affordable market in decades' without providing any context or data on what makes it so unaffordable compared to other markets.
The title claims 'home sales dropped to their lowest level in 28 years', but according to the article, they only dropped by a small percentage from the previous year.
Lawrence Yun is quoted stating that creating a path towards homeownership for today's renters is essential and implies that high prices are unsustainable, but there is no evidence of this in the data provided.
Fallacies
(75%)
The article contains several fallacies. The author uses an appeal to authority by citing the National Association of Realtors as a source for information about home sales and prices. However, this organization has a vested interest in promoting the real estate market and may not be entirely impartial. Additionally, the author makes an informal fallacy by using emotive language such as
The median home sale price in 2023 was $389,800
As a result of high prices and low inventory, home sales dropped to their lowest level since 1995
Bias
(85%)
The article contains examples of monetary bias and religious bias. The author uses the phrase 'unsustainable' to describe the recent rise in home prices which implies that it is not natural or normal for home prices to increase at such a rapid pace. This statement suggests that there may be some underlying economic factors at play, but without providing any evidence or context, it is difficult to determine what those factors might be. Additionally, the author uses religious language when discussing the need for 'economic and income growth' which implies that homeownership is not just a matter of affordability but also has moral implications.
Creating a path towards homeownership for today’s renters is essential. It requires economic and income growth and, most importantly, a steady buildup of home construction.
The recent, rapid three-year rise in home prices is unsustainable
Site
Conflicts
Of
Interest (50%)
Anna Bahney has a conflict of interest with the National Association of Realtors (NAR) as she is an employee and writes articles for CNN which covers topics related to NAR.
Author
Conflicts
Of
Interest (0%)
Anna Bahney has a conflict of interest on the topics of home sales and residential real estate market as she is reporting for CNN which is owned by AT&T. Additionally, Anna Bahney reports on Lawrence Yun who is the Chief Economist at National Association of Realtors (NAR) and therefore has a professional affiliation with NAR.
Anna Bahney reports for CNN which is owned by AT&T.
Home sales in the US sank to the lowest in nearly 30 years
Just 4.09 million homes were purchased, the fewest since 1995
The median sale price in 2023 climbed by only $1 over last year's record high of $387,675 ($u20AC30684B)
Lawrence Yun said that recent price rises were unsustainable and boosting supply was essential for homeownership for renters
Accuracy
The median sale price in 2023 climbed over $376875 (the previous year's record high)
Lawrence Yun, economist at the NAR, said that recent price rises were unsustainable and boosting supply was essential for homeownership for renters
Deception
(30%)
The article is deceptive in several ways. Firstly, the author claims that home sales sank to their lowest level since 1995 when it was actually only a few thousand less than the previous year. Secondly, the author states that affordability will remain an issue but fails to mention how this has been exacerbated by rising interest rates and increasing prices for buyers. Thirdly, the article quotes Lawrence Yun stating that boosting supply is essential for homeownership but does not provide any evidence or context on why this would be effective in addressing the affordability crisis.
The author claims that home sales sank to their lowest level since 1995 when it was actually only a few thousand less than the previous year. This is an example of selective reporting and misrepresentation of facts.
The article quotes Lawrence Yun stating that boosting supply is essential for homeownership but does not provide any evidence or context on why this would be effective in addressing the affordability crisis. This is an example of deceptive omission.
Fallacies
(70%)
The article contains several logical fallacies. The author uses an appeal to authority by citing the National Association of Realtors as a source for information on home sales and prices. However, this organization has a vested interest in promoting the housing market and may not be entirely impartial. Additionally, the author presents only one side of the story - that of Lawrence Yun, an economist at NAR who warns about unsustainable price increases and lack of affordability for renters. The article does not provide any counterarguments or alternative perspectives on these issues.
The National Association of Realtors is cited as a source for information on home sales and prices, but this organization has a vested interest in promoting the housing market.
Bias
(85%)
The article contains examples of monetary bias and religious bias. The author uses language that depicts the housing market as being in a bad state for potential buyers due to rising interest rates, which is not an objective statement. Additionally, the author quotes Lawrence Yun from the National Association of Realtors who says that if price increases continue at their current pace, it could lead to a divide between haves and have-nots. This implies that there are only two groups in society: those who own homes and those who do not.
The article contains examples of monetary bias and religious bias.
Site
Conflicts
Of
Interest (50%)
The author of the article has a conflict of interest with Lawrence Yun and Nancy Vanden Houten as they are both affiliated with organizations that have vested interests in the housing market. The National Association of Realtors also has a professional affiliation to this topic.
Lawrence Yun is the Chief Economist at the National Association of Realtors, which represents home buyers and sellers.
Author
Conflicts
Of
Interest (50%)
The author of the article has a conflict of interest on several topics related to US home sales and the housing market. The National Association of Realtors is mentioned as having released data on US home sales, which could be seen as promoting their own interests in the real estate industry.
