Home Sales Plunge to Great Recession Lows as High Prices, Mortgage Rates Deter Buyers
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Home sales fell to Great Recession levels in September, with existing home sales dropping below an annual rate of 4 million.
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Median home prices remain high at $394,300, up 2.8% from last year despite a monthly decline.
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Mortgage rates have more than doubled since the Fed began raising interest rates, topping 7.6% and deterring buyers.
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Tight inventories, elevated prices, and high rates are keeping both sales and affordability down.
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Fed Chair Jerome Powell signaled rates are unlikely to fall soon as inflation remains too high.
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