Sales slumped in October and prices continued to climb, as mortgage rates surged last month and inventory remained extraordinarily low. Home sales remained at 13-year lows as buyers competed for the few available homes on the market and continued to push up prices. Home sales were down in lower priced categories – under $750,000 – due to lack of inventory and sales grew in higher price categories where there was more inventory. All-cash sales accounted for 29% of transactions in October, unchanged from September but up from 26% in October 2022. “The lack of inventory and higher interest rates really hitting the home sales market,” said Yun.

Source: CNN November 28, 2023 12:38 UTC