U.S. Existing Home Sales Fall to 16-Year Low in October
Existing home sales dropped significantly in October, reaching a pace of 3.75 million units. This represents a 5.5% decline from the previous month and an 8.8% decrease compared to the same period last year, marking the lowest level since the Great Recession. The downturn is primarily attributed to high borrowing costs, with mortgage rates reaching approximately 7%. Despite the sharp decline in transaction volume, home prices have continued to climb, hitting all-time highs and creating a challenging environment for prospective buyers.
Topics: home sales housing market trends mortgage rates National Association of Realtors