Home Sales Fell to a New 13-Year Low in October

Home gross sales fell in October to a recent 13-year low as excessive rates of interest and residential costs continued to pummel the housing market.

Home-buying affordability sits close to its lowest degree in a long time, pushing many consumers out of the market. Existing-home gross sales for the total yr in 2023 are on monitor to be the bottom since a minimum of 2011, based on economist forecasts.