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November 22, 2023

Home sales slumped to slowest pace in more than 13 years

By ALEX VEIGA
AP Business Writer

LOS ANGELES — Sales of previously occupied U.S. homes slumped in October to their slowest pace in more than 13 years as surging mortgage rates and rising prices kept many prospective homebuyers on the sidelines.

Existing home sales fell 4.1% last month from September to a seasonally adjusted annual rate of 3.79 million, the National Association of Realtors said Tuesday. That's weaker than the 3.90 million sales pace economists were expecting, according to FactSet.


 
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