Home Sales Hit 13-Year Low in October as High Prices and Mortgage Rates Deter Buyers
• Home sales fell to a 13-year low in October due to high mortgage rates pricing out buyers
• Prices rose to highest ever for October ($391,800 median) due to low inventory and competition
• Sales pace puts market on track for worst year since 2010 or possibly early 1990s
• Mortgage rates have fallen since October, offering hope for improved affordability
• Inventory remains low at less than half the pre-pandemic average