U.S. home sales dropped for an eighth straight month in September as surging mortgage rates and increased selling prices push affordability beyond the reach of many prospective buyers, the Worthy News website reports today (October 22, 2022).
Existing home sales fell 1.5% to a seasonally adjusted annual rate of 4.71 million units last month, the National Association of Realtors said on Oct. 20.
Outside of the short-lived plunge during the spring of 2020, when the economy was reeling from the first wave of COVID-19, this was the lowest sales level since September 2012.
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