Capsule · The news app for modern leaders

Trends and Insights

Download
25 Nov 2023

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

content from a screenshot

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](https://www.axios.com/2023/11/22/home-sales-fall-low-prices-interest-rates?utm_source=twitter&utm_campaign=editorial&utm_medium=social)