October Home Sales Plummet to 13-Year Low Amid Rising Prices and Mortgage Rates

Home sales in the United States fell to a 13-year low in October, with a 4.1% decrease compared to September, as prices continued to rise. The National Association of Realtors reported a seasonally adjusted annualized rate of 3.79 million units, the slowest sales pace since August 2010. The decline was attributed to a persistent lack of housing inventory and high mortgage rates. The median price of existing homes sold in October was $391,800, a 3.4% increase from the previous year. Sales fell in all price categories up to $750,000, but there was an increase in sales of higher-end homes. First-time buyers represented 28% of sales, while individual investors bought 15% of homes.