(Just The News)—Sales of existing homes declined to the lowest level annually since 1995 while the median price reached a record high of $407,500 last year.
On a monthly basis, sales of existing homes climbed 2.2% in December to a seasonally adjusted annual rate of 4.24 million, the quickest pace since last February, according to most recent figures from the National Association of Realtors.
Total existing-home sales — which includes single-family homes, townhomes, condominiums and co-ops — gained 2.2% from November to a seasonally adjusted annual rate of 4.24 million in December.
“Home sales in the final months of the year showed solid recovery despite elevated mortgage rates,” NAR Chief Economist Lawrence Yun said. “Job and wage gains, along with increased inventory, are positively impacting the market.”
Housing inventory at the end of December was 1.15 million units, down 13.5% from November but up 16.2% from one year ago (990,000). Unsold inventory stood at a 3.3-month supply at the existing sales pace, down from 3.8 months in November but up from 3.1 months in December 2023.
The median existing-home price for all housing types in December was $404,400, up 6.0% from one year ago ($381,400).
“The median home price was elevated partly due to the upper-end market’s relative better performance,” Yun said. “Sales rose by 35% from a year ago for homes priced above $1 million, while sales fell for homes priced under $250,000.”
Real median household income was $80,610 in 2023, a 4% increase from the 2022 estimate of $77,540, according to the U.S. Census Bureau. It was the first statistically significant annual increase in real median household income since 2019.
The 30-year fixed-rate mortgage averaged 6.96% as of Jan. 23, that’s down from 7.04% one week ago but up from 6.69% one year ago, according to Freddie Mac.
The Biggest Threat to Your Retirement Is Actually a Very Good Thing
When you look at the headlines today, you’ll see experts in the retirement industry warning about big threats to your financial security:
- De-dollarization and the rise of BRICS
- Soaring national debt
- Unstable interest rates
- Weakened U.S. dollar
All of these are real concerns. But they aren’t the biggest threat to your retirement savings. The true risk isn’t political, monetary, or global.
It’s longevity.
Why Longevity Is the Silent Threat
For most of human history, the problem was the opposite — life expectancy was short, and few people even reached retirement. Today, thanks to medical advancements, healthier lifestyles, and better living conditions, people are living longer than ever before.
And while that’s a wonderful thing, it comes with a financial catch: Your retirement account has to last far longer than you might expect.
- A 65-year-old couple today has a 50% chance that one of them will live to 90.
- Some projections suggest that many of us will live well into our 90s, even 100+.
- This means your nest egg may need to stretch not for 15 years, but 25, 30, or even 40 years.
That’s where the real danger lies: running out of money before you run out of life.
The Retirement Equation Has Changed
While market volatility, debt crises, or central bank policies may feel like the scariest threats, they’re temporary storms. Longevity, however, is a structural shift. Every extra year of life is another year of expenses, another year of inflation erosion, and another year of financial pressure.
If your retirement plan doesn’t account for longevity, you could face tough choices later in life — downsizing, working when you’d rather not, or becoming financially dependent on others.
How to Take Control
The good news? Longevity is a blessing — as long as you’re prepared for it. With the right planning, your retirement savings can work for you instead of against you. The key is learning how to protect your wealth, outpace inflation, and ensure your savings grow even as you live longer.
That’s why our friends at Augusta Precious Metals created a free resource to help you get started:
👉 Get Instant Access to the report, “How to Take Full Control of Your Financial Future”
This brief report will show you practical strategies to safeguard your retirement from the biggest threat of all — the one that comes from the gift of living longer.
Don’t let longevity catch you unprepared. Take the steps today to secure tomorrow.