Existing Home Sales Fall To 14-Year Low As Home Affordability Crisis Squeezes American Families

Home sales fell to the lowest level in 14 years, as high home prices, inflation-depleted savings, still-elevated mortgage rates, and election uncertainty kept buyers on the sidelines

Sales of existing homes—which make up most real estate transactions in the U.S.—fell by one percent to an annual rate of 3.84 million in September, the National Association of Realtors said Wednesday.

Economists had forecast a stronger 3.9 million sales figure for the month. Sales fell by about 2.5 percent in the prior month.