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US Sales at 16-Year Low
Existing-home sales in the United States fell 5.5% in October to a seasonally adjusted annual rate of 3.75 million units, their lowest level in more than 16 years. Sales were also down 8.8% from a year earlier. The National Association of Realtors attributed the decline to higher mortgage rates and persistently high home prices; the average mortgage rate stood at 7.18%. Meanwhile, the median home price rose 0.4% year over year to a record October high of $421,900, while inventory increased 1.3% to 1.59 million units.
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