US existing home sales fall to 16-year low as mortgage rates surge
Source Summary
US existing home sales fell to 3.75 million units in October, down 8.8% year-over-year, marking a 16-year low according to the National Association of Realtors. Mortgage rates reached nearly three-year highs, driving buyers away despite a slight increase in median home prices to $416,700. Sales declined across the Midwest, South, and West regions, while the Northeast remained steady.
Why it matters
A 16-year sales low signals weakening consumer demand in a major economic sector, reflecting the direct impact of monetary policy tightening on household purchasing power and broader economic activity.
