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US existing-home sales fall to lowest level since 2010

The National Association of Realtors says October sales fell 5.5% from September, and the median price rose 0.4% from a year earlier to $416,700.

11 news outlets reported this
Liberal4 outletsMortgage rates, inflation and the Fed squeezing buyersCenter2 outletsA 16-year low, with prices still risingConservative5 outletsSlump in sales, with inventory and prices rising
ABRAnews EditorialPublished 1 min readMoney and daily life
Overview

Sales of previously owned US homes fell 5.5% in October from September, to a seasonally adjusted annual pace of 3.75 million, the National Association of Realtors (NAR) reported. That is the slowest pace since August 2010. Sales were down 8.8% from a year earlier.

Sales dropped in the Midwest, South and West, while they stayed flat in the Northeast. NAR chief economist Lawrence Yun said home buying is difficult because rates have reached their highest levels since 2000, apart from a single month in 2023. He called it "just a tough market for buyers and sellers."

Mortgage rates have climbed since the US war with Iran began in late February, which pushed up oil prices and . Home prices still rose from a year earlier, NAR said, and the stock of unsold homes grew. Al Jazeera English reports that first-time buyers made up a smaller share of purchases than a year earlier.

The Guardian reports that pending home sales, which count signed contracts, hit their lowest level in NAR's history in September, and that the raised interest rates that month.

Key figures
  • 5.5%drop in existing-home sales from September, to a seasonally adjusted annual rateNew York Post
  • 3.75 millionannual pace of existing-home sales in October, per NARNew York Post
  • 8.8%drop in sales from October last yearNew York Post
  • $416,700median existing-home price, up 0.4% from a year earlierNew York Post
  • 1.59 millionunsold homes at the end of October, per NARNew York Post

Three sides of the story

4Liberal2Center5Conservative

11 news outlets reported this

Tap a color or swipe sideways to switch sides.

Liberal4 outlets

Mortgage rates, inflation and the Fed squeezing buyers

Al Jazeera English leads with sales at their lowest since 2010 "as mortgage rates hover above 7 percent." It quotes NAR's Lawrence Yun on a "tough market for buyers and sellers" and reports that first-time buyers were 29% of purchases, against 32% a year earlier. It links the rate climb to the Iran war that began in late February.

The Guardian (US) headlines "record-high mortgage rates" and ties the slump to inflation and the Federal Reserve, which raised rates in September and is "poised" to raise them again in December. It adds that affordability and cost-of-living worries weighed heavily in the elections. It quotes Danielle Hale of Realtor.com, who calls the moment a "perfect storm" and says she does not see a new normal.

Center2 outlets

A 16-year low, with prices still rising

UPI opens with existing-home sales at a 16-year low in October, "driven lower by record-high mortgage rates and rising inflation." It reports sales down 8.8% from a year earlier, at 3.75 million, with the Northeast steady. It quotes Yun on rates at their highest since 2000.

UPI says the average 30-year mortgage rate hit 7.40% in October, the highest in three years, and adds that rates have eased since but remain above the year before. It also says pending sales hit the lowest level in NAR's history in September. It closes on prices: the median rose 0.4% to $416,700, an October record in NAR data going back to 1999.

Forbes headlines "U.S. Home Sales Sink To Lowest Level Since 2010" and reports a fall of nearly 6% from September, with monthly declines in the Midwest, South and West.

Conservative5 outlets

Slump in sales, with inventory and prices rising

The New York Post runs an Associated Press report under the headline "Home sales plunge to 16-year low as mortgage rates stay high." It says sales fell short of the 3.8 million pace economists expected, per FactSet, and that 1.59 million unsold homes is the most since November 2019. It adds that buyers who can afford current rates or pay cash have a wider selection.

Breitbart News says higher mortgage rates added pressure on buyers already facing high prices. It reports a 9.7 percent drop in the West, declines in every single-family price category, and distressed sales at just 2 percent. It says higher borrowing costs "threatens to weigh on coming sales."

Just the News calls it the lowest "since the subprime crisis era" and notes the 40th straight month of year-over-year price increases. The Washington Times headline says sales slumped to the slowest pace in more than 16 years as rates surged.

What a side did not mention
Where outlets disagree
Money and daily life

The New York Post's Associated Press report notes that the sharp rise in mortgage rates can push borrowers' monthly costs up by hundreds of dollars and has caused many would-be buyers to delay their plans. Al Jazeera English, citing Freddie Mac, says the average 30-year rate was 7.33% in October, up from 6.25% a year earlier. NAR puts the median existing-home price at $416,700.

All sources: 12 articles from 11 outlets

Liberal (4)

Center (3)

Conservative (5)

Related
  1. Fed holds interest rates steady six days before midterm elections
  2. US adds 165,000 jobs in October, far above forecasts
  3. US consumer prices rise 0.4% in October, more than economists expected
  4. US existing-home sales fall to lowest level since 2010This story
Mortgage rates

The interest on a home loan. The usual US mortgage is fixed for 30 years, and its rate follows long-term government bonds more than the Fed's rate, so it does not always fall when the Fed cuts.

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Inflation and the CPI

How fast prices rise. In the US it is measured by the consumer price index, published monthly for a basket of goods and services. “Core” inflation leaves out food and energy, whose prices swing the most.

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Federal Reserve (the Fed)

The central bank of the United States. It sets the key interest rate, which moves the rates on loans, mortgages and savings.

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Midterm elections

US elections halfway through a president's four-year term. The whole House, a third of the Senate and many governors are elected. In 2026 Election Day was November 3.

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