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Trends and Insights

25 Nov 2023

US Home Sales Plunge to Lowest Since 2010 Amid Rising Interest Rates

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US existing home sales have slumped to the lowest level since the Great Recession, falling at an annualized rate of 3.79 million in October, worse than experts' predictions of a 3.9 million rate. The housing market struggles to adapt to a rapid interest rate increase, with the 30-year fixed mortgage rate rising to about 8%. Meanwhile, home inventory remains low, suggesting little incentive for price cuts. [Source](