Business
Home sales drop to lowest level since Great Recession amid high mortgage rates
Home sales fell to a 16-year low in October as 7% mortgage rates deter buyers from the market.
Photo: Dietmar Rabich / CC BY-SA 4.0, via Wikimedia Commons
According to MarketWatch, home sales in October reached their lowest level since the Great Recession, marking a 16-year low.
The decline in sales is attributed to buyers leaving the housing market due to mortgage rates rising to around 7%.
This increase in mortgage rates has significantly impacted buyer activity, leading to a sharp drop in home sales.
The housing market is experiencing a slowdown as potential buyers face higher borrowing costs, affecting overall market dynamics.
Sources
- MarketWatch Top Stories: Home sales plummet to lowest level since the Great Recession as buyers flee the market
- HousingWire: Existing home sales hit a new low as rates stay high
- Realtor.com News: Home Sales Plunge to 16-Year Low as High Mortgage Rates Derail Deals
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