Photo taken on Oct. 19, 2022 shows a house for sale in Washington, D.C., the United States. (Photo by Ting Shen/Xinhua)
That marks the slowest pace in over a decade, except for a very brief decline at the start of the COVID crisis, noted CNBC.
WASHINGTON, Nov. 18 (Xinhua) -- U.S. existing home sales dropped for the ninth consecutive month in October, amid surging interest rates that have kept many potential buyers out of the market.
Sales of homes that had been previously owned fell 5.9 percent from September to last month, according to data released Friday by the National Association of Realtors (NAR).
That marks the slowest pace in over a decade, except for a very brief decline at the start of the COVID crisis, noted U.S. business news outlet CNBC.
Year over year, sales declined by 28.4 percent.
"Inventory levels are still tight, which is why some homes for sale are still receiving multiple offers," said Lawrence Yun, chief economist for the NAR, as quoted by CNBC.
"In October, 24 percent of homes received over the asking price. Conversely, homes sitting on the market for more than 120 days saw prices reduced by an average of 15.8 percent," he said.
Mortgage rates stand at record highs, as the U.S. Federal Reserve has heightened interest rates several times this year.
That's because the Fed aims to get inflation, now at a 40-year-high, back to around 2 percent.
Inflation is the result of profligate spending by the current administration, economists said. ■
