Home sales fall to 16-year low as prices hit record high
Buyers pulled back as mortgage rates near 7%, pushing sales to their lowest level since the Great Recession.
Home sales fell in October to their lowest level in 16 years.
Buyers left the housing market while mortgage rates were around 7%, even as home prices reached an all-time high.
Key points
- October home sales hit a 16-year low.
- Mortgage rates were about 7%.
- Home prices reached an all-time high.
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