US pre-owned home sales fell for a ninth consecutive month in October as the 30-year fixed mortgage rate hit a 20-year high and prices remained high.
Pre-owned home sales fell 5.9% last month to a seasonally adjusted annual rate of 4.43 million units, the National Association of Realtors said on Friday.
Apart from the drop in the initial phase of the Covid-19 pandemic in 2020, this was the lowest level since December 2011.
Economists polled by Reuters had forecast it falling to a rate of 4.38 million units.
Home resales, which make up a large portion of US home sales, were down 28.4% in October year-on-year.
Mortgage rates jumped in response to high inflation, which forced the Federal Reserve to trigger the fastest cycle of interest rate hikes since the 1980s.
The 30-year fixed mortgage rate surpassed 7% in October for the first time since 2002, according to data from mortgage lending agency Freddie Mac. The average rate was 6.61% in the last week.
Source: CNN Brasil
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