(Washington, DC) — Sales of previously owned homes fell to their lowest level in 13 years in October.
The National Association of Realtors says existing home sales declined four percent last month to an annual rate of fewer than three-point-eight million units. The group’s chief economist said high mortgage rates and the lack of inventory kept many prospective buyers on the sidelines. The median price of a home sold in October was just over 394-thousand dollars.
Among the four major U.S. regions, sales slid in the Northeast, South and West but were unchanged in the Midwest. All four regions experienced year-over-year sales declines.
