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Home Sales Tanked in 2023: Time to Buy Home Depot Stock?

TheMotleyFool

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Home Sales Tanked in 2023: Time to Buy Home Depot Stock?: https://g.foolcdn.com/editorial/images/762567/contractor-renovation-project.jpg

While artificial intelligence (AI) stole all the attention in 2023, investors shouldn't ignore other areas of the economy. The situation with the housing market is one that might have implications for your portfolio.

In 2023, home sales in the U.S. decreased 19% compared to the previous year, and this was after they had already fallen 18% in 2022.

The culprit? In early 2022, the Federal Reserve embarked on an aggressive rate-hiking cycle that lasted through the summer of last year. The resulting higher mortgage rates make buying a home less affordable.

Source Fool.com

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