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https://www.wsj.com/economy/housing/october-2023-home-sales-fall-ec6b3164

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

High prices and interest rates combine to cause purchases to plunge

By

Nicole Friedman

Updated Nov. 21, 2023 11:13 am ET

October’s existing home sales report details the current state of the all-important U.S. housing market and how Americans reacted to mortgage rates that have declined, but still remain much higher than they have been in more than a decade. WSJ’s Dion Rabouin breaks it down. Photo:

Home sales fell in October to a fresh 13-year low as high interest rates and home prices continued to pummel the housing market.

Home-buying affordability sits near its lowest level in decades, pushing many buyers out of the market. Existing-home sales for the full year in 2023 are on track to be the lowest since at least 2011, according to economist forecasts.

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