Consumer News: Home sales plunge to a 16-year low as prices and rates squeeze buyers

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Details: Written by Consumer Affairs News; Category: Consumer Daily Reports; Published: 13 November 2026; Created: 13 November 2026; Last Updated: 13 November 2026

Existing-home sales fell 5.5% in October to their slowest pace since August 2010, as higher mortgage rates squeezed buyers.

The median sales price rose 0.4% from a year earlier to $416,700, marking the 40th consecutive month of annual price increases.

Buyers had more homes to choose from, but affordability worsened and first-time buyers accounted for a smaller share of purchases.

Sales of previously-owned homes dropped sharply in October, reaching their lowest level in more than 16 years, as rising mortgage rates made buying a home at current prices increasingly difficult.

Existing-home sales fell 5.5% from September to a seasonally-adjusted annual rate of 3.75 million, according to the National Association of Realtors (NAR) latest report. Sales were down 8.8% from October 2025.

Author: Mark Huffman
Source: Consumer Affairs

Posted: 2026-11-13 13:43:04

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