I question this article to an extent. I think the drop in existing home sales depends on where you live. Existing homes for sale around here are scarce and new construction is scarce because of shipping delays.
Gold price holding near two-month high following drop in U.S. existing home salesThe gold market continues to hold at its highest level since November as weak home sales data provides some support for prices.
Existing home sales rose to a seasonally adjusted and annualized rate of 6.18 million units last month, down 4.6% compared to November’s annualized rate of 6.46 million homes, the National Association of Realtors (NAR) said on Thursday. Market consensus projections called for existing home sales fall only slightly to 6.42 million.
The association noted that December’s drop in existing home sales ended three-months of consecutive increases.
Spot gold prices last traded at $1,846.20 an ounce, up 0.32% on the day.
While the housing market ended the year on a disappointing note, the NAR noted that 2021 was a strong year with home sales rising 8.5%.
"December saw sales retreat, but the pull back was more a sign of supply constraints than an indication of a weakened demand for housing," said Lawrence Yun, NAR's chief economist. "Sales for the entire year finished strong, reaching the highest annual level since 2006."
However, looking ahead, Yun said that rising interest rates could dampen housing demand in 2022.
"This year, consumers should prepare to endure some increases in mortgage rates," Yun cautioned. "I also expect home prices to grow more moderately by 3% to 5% in 2022, and then similarly in 2023 as more supply reaches the market.".........
https://www.kitco.com/news/2022-01-20/Gold-price-holding-near-two-month-high-following-drop-in-U-S-existing-home-sales.html
