Home Sales Hit 13-Year Low as Rising Rates Deter Buyers
• Home sales in October fell to 3.79 million, the lowest level since the Great Recession over a decade ago
• Median home prices rose to $391,800, up 3.4% from last year but down 6.3% from September
• Mortgage rates have more than doubled since 2022 to over 7%, making monthly payments much higher
• Sales declined in all regions except the Midwest; supply remains tight at just 3.5 months
• All-cash buyers made up 29% of sales, up from 26% last year, as high rates deter buyers