"Record-low home sales in 2021 as mortgage rates and prices deter buyers"

Existing home sales in the US have fallen to levels not seen since the Great Recession, while prices remain high due to the highest mortgage rates in 23 years. The National Association of Realtors reported a decline in September home sales, with the median price ticking up but still lower than August. Fed Chairman Jerome Powell stated that interest rate cuts should not be expected in the near future. The housing market has been impacted by elevated prices, tight inventories, and high mortgage rates, leading to a decline in sales.