US Home Sales Drop to 13-Year Low as High Prices and Mortgage Rates Deter Buyers
• Existing home sales in the US fell 4.1% in October to the lowest level in over 13 years • Housing inventory declined 5.7% compared to last year, constraining supply • Median house price rose 3.4% year-over-year to $391,800 • Mortgage rates hit highest levels since 2000, reducing affordability • Home resales on track for worst year since 1992 due to high prices and rates