Home Sales Plunge to Great Recession Lows as High Prices, Mortgage Rates Deter Buyers

Home sales fell to Great Recession levels in September, with existing home sales dropping below an annual rate of 4 million.

Median home prices remain high at $394,300, up 2.8% from last year despite a monthly decline.

Mortgage rates have more than doubled since the Fed began raising interest rates, topping 7.6% and deterring buyers.

Tight inventories, elevated prices, and high rates are keeping both sales and affordability down.

Fed Chair Jerome Powell signaled rates are unlikely to fall soon as inflation remains too high.