US home sales climb despite high mortgage rates

The U.S. housing market experienced an unexpected rise in existing home sales in September, increasing by 1.5% compared to the previous month, surpassing expectations. However, the rise in mortgage interest rates to 7.40%, the highest level since November 2023, has led to a decline in the number of qualified buyers and reduced purchasing power, despite home inventory reaching its highest level since November 2019. As a result, the market faces challenges from rising financing costs and increasing home prices, which are limiting the recovery of the housing sector.

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