US Home Sales Dip For 10th Straight Month In 'Frozen' Market

Sales of existing homes in the United States slid for a 10th consecutive month in November, extending a record streak with mortgage rates high and inventory tight, according to industry data released Wednesday.

The US real estate sector -- an interest-sensitive area -- has been reeling after the central bank raised the benchmark lending rate multiple times this year to dampen soaring inflation and cool the world's biggest economy.

The rapid rate hikes have sent borrowing costs higher, in turn pricing many buyers out of the key housing market.

Last month, sales of all types of homes and condos dropped 7.7 percent from October, the National Association of Realtors (NAR) said in its latest report.

This brought the sales pace to an annual rate of 4.1 million in November, seasonally adjusted, down 35.4 percent from a year ago, the association said.