Home sales in the US are at their lowest level since 2016

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Sales of previously owned homes in the US have hit the lowest level since 2010 as mortgage rates hover above 7 percent. The National Association of Realtors (NAR) said on Thursday that home sales dropped 5.5 percent in October to a seasonally adjusted annual rate of 3.75 million units. That was the lowest level since August 2010. “Home buying is difficult when mortgage rates have climbed to their highest levels since 2000, aside from a single month in 2023. As a result, home sales fell to their lowest level since August 2010,” said NAR Chief Economist Lawrence Yun. He said, “It is just a tough market for buyers and sellers.” “Sales decreased by 8.8 percent year-over-year,” the NAR report found.