logo

This website uses cookies to ensure you get the best experience on our website.

Read through the Privacy Policy to understand better

 Go Back

Home sales slumped to slowest pace in more than 13 years in October as prices, borrowing costs, soar

By ALEX VEIGA - Nov 21, 2023, 10:04 AM ET
Last Updated - Nov 21, 2023, 01:37 PM EST
Home Sales
ASSOCIATED PRESS

Sales of previously occupied U.S. homes slumped in October to their slowest pace in more than 13 years, as surging mortgage rates and rising prices kept many prospective homebuyers on the sidelines

LOS ANGELES (AP) — Sales of previously occupied U.S. homes slumped in October to their slowest pace in more than 13 years as surging mortgage rates and rising prices kept many prospective homebuyers on the sidelines. 

Existing home sales fell 4.1% last month from September to a seasonally adjusted annual rate of 3.79 million, the National Association of Realtors said Tuesday. That’s weaker than the 3.90 million sales pace economists were expecting, according to FactSet. 

Sponsored

The last time sales slumped this hard was in August 2010, when the housing market was in recovery from a severe crash. 

Sales sank 14.6% compared with the same month last year. They have fallen five months in a row, held back by climbing mortgage rates and a thin supply of properties on the market. 

By continuing to use this site, you agree to our terms and conditions
Sponsored
Sponsored
Sponsored
Our Offices
  • 10kInfo, Inc.
    13555 SE 36th St
    Bellevue, WA 98006
    Phone: +1 (425) 414-0184
  • 10kInfo Data Solutions, Pvt Ltd.
    Claywork Create
    11 km, Arakere Bannerghatta Rd, Omkar Nagar, Arekere,
    Bengaluru, Karnataka 560076
    Phone: +91 80 4902 2100
4.2 20250324