Home sales hit 16-year low in October amid soaring mortgage rates
Sales of built units fell to 3.75m in October, down by 8.8% from last year, with mortgage rates at nearly three-year high US existing home sales hit a 16-year low in October as buyers were driven away by high mortgage rates and rising inflation, according to new data released on Wednesday.
Key points
- Declines in sales were seen in the midwest, south and west, though sales in the north-east held steady.
Sales of already built units dropped to 3.75m in October, down by 8.8% from last year, the National Association of Realtors (NAR) reported.
The median existing-home sales price increased slightly to $416,700.
How this summary was made: extractive summary — built from the sources' own reporting. It is drawn only from the reporting of the sources listed below — read the originals for full detail. How we summarize →
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