U.S. existing home sales fall to their weakest level since 2010 in October, according to data cited from the National Association of Realtors. Multiple outlets report that sales drop 5.5% month over month to a seasonally adjusted annual rate of 3.75 million units. Several also note year-over-year declines of about 8.8%.
Outlets link the slowdown to higher borrowing costs as mortgage rates rise sharply. Forbes and Quartz highlight the role of mortgage rate increases, while Financial Times and the Guardian frame the drop as part of a deeper housing-market slump driven by higher interest rates. Most coverage says prices still rise year over year, with the median existing-home price reported at $416,700.
Some reports add regional detail, including declines in the Midwest, South and West, with steadier results in the Northeast (as described by the Guardian). Coverage generally agrees on the basic NAR figures and the broad cause—higher mortgage rates—while differing mainly in which context and extra details they foreground.
