According to the National Association of Realtors, U.S. home sales reached the lowest rate seen in 13 years during the month of October.
Previously owned home sales reportedly dipped 4.7% in October from September, placing the seasonally adjusted annualized home sale rate at 3.79 million units versus the 3.9 million units expected by analysts.
Likewise, the NAR reported that U.S. home sales are down 14.6% year-over-year.
“Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation,” said NAR chief economist Lawrence Yun.
