Home sales hit 16-year low in October amid soaring mortgage rates

Sales of built units fell to 3. 75m in October, down by 8.

8% from last year, with mortgage rates at nearly three-year high US existing home sales hit a 16-year low in October as buyers were driven away by high mortgage rates and rising inflation, according to new data released on Wednesday. Sales of already built units dropped to 3. 75m in October, down by 8. 8% from last year, the National Association of Realtors (NAR) reported. The…