The housing market’s deep slump, in five charts

The U.S. housing market is slumping. 

Home sales have dropped this year, as high prices, high borrowing costs and a low supply of available homes have combined to send potential buyers to the sidelines.

Here are five charts that show the state of the housing market. 

Falling home sales

The annual rate of home sales in October was down almost 15% compared to the same period in 2022, according to data from the National Association of Realtors. October’s sales rate, a measure of how many homes would sell in a given year at the month’s pace, was 3.79 million: the eighth consecutive month of declining sales, almost half of early 2021’s levels and the lowest rate since August 2010.