US Existing Home Sales Plummet to 13-Year Low as Prices Soar
US existing home sales fell to their lowest level in over 13 years in October, as high mortgage rates and a shortage of houses deterred buyers. The National Association of Realtors reported a 4.1% drop in home sales, with the median house price reaching its highest level for any October. The combination of high prices, high mortgage rates, and homeowners unwilling to move due to locked-in low rates has frozen the market. Home resales are on track for their worst performance since 1992, and the housing sector has been impacted by the Federal Reserve's tightening policy. The shortage of homes and tight supply continue to pose challenges to affordability and demand.