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US home sales fall for 9th month in a row in October | CNN Business

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Home sales in the US declined for the ninth month in a row in October as surging mortgage rates and high prices pushed buyers out of the market

Sales of existing homes – which include single-family homes, townhomes, condominiums and co-ops – were down 28.4% in October from a year ago and down 5.9% from September, according to the National Association of Realtors. All regions of the US saw month-over-month and year-over-year declines. That continues a slowing trend that began in February and marks the longest streak of declining sales on record.

Still, home prices continued to climb during the month. The median home price was $379,100 in October, up 6.6% from one year ago, according to the report. But that’s down from the record high of $413,800 in June. The price increase marks more than a decade of year-over-year monthly gains. “More potential homebuyers were squeezed out from qualifying for a mortgage in October as mortgage rates climbed higher,” said Lawrence Yun, NAR’s chief economist.

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