The National Association of Realtors reported that existing home sales dropped 8.8% year-over-year to 3.75 million units, marking the weakest pace since August 2010. Even as transactions contracted across the Midwest, South, and West, the national median sales price rose slightly to $416,700, with Northeast sales remaining flat. Financing constraints intensified as 30-year mortgage rates surged to about 7.18% following Federal Reserve rate hikes. With October inflation outpacing projections, another central bank rate increase is anticipated next month.
Key points
Housing affordability and escalating living costs emerged as decisive issues that helped…: Housing affordability and escalating living costs emerged as decisive issues that helped Democrats win control of Congress.
Accelerating inflation driven by the Iran war led the Federal Reserve to lift benchmark i…: Accelerating inflation driven by the Iran war led the Federal Reserve to lift benchmark interest rates in September.
Census data reveals that the national homeownership rate has stagnated since 2021 as medi…: Census data reveals that the national homeownership rate has stagnated since 2021 as median rent increases surpassed inflation.
Sources checked by our analysis pipeline: 1
US existing home sales hit a 16-year low in October as buyers were driven away by record-high mortgage rates and rising inflation, according to new data released on Wednesday.
Sales of already built units dropped to 3.75m in October, down by 8.8% from last year, the National Association of Realtors (NAR) reported. The median existing-home sales price increased slightly to $416,700. Declines in sales were seen in the midwest, south and west, though sales in the north-east held steady.
Mortgage rates had been steadily declining in 2024 and 2025, with the 30-year rate falling below 6% for the first time in February 2026. But increasing inflation and higher interest rates amid the Iran war have pushed rates back up to a nearly three-year high.
The 30-year mortgage rate, which is the most commonly used rate in home loans, is now hovering at about 7.18%, not far from its 2023 high of 7.79%. During the pandemic, average mortgage rates were just above 3%.
“Home buying is difficult when mortgage rates have climbed to their highest levels since 2000, aside from a…
Chairman Kevin Warsh is leading a procedural shift aimed at reducing the central bank's footprint in financial markets. Officials will dedicate the late October gathering strictly to high-level strategy debates rather than near-term rate decisions. This deliberate reduction in actionable events is designed to free policymakers from the constraints created by excessive guidance.
Major investment portfolios frequently hold significant stakes in computer-chip giant Nvidia, leaving substantial amounts of everyday retirement savings directly exposed to its performance. Emerging concerns surrounding recent corporate controversy highlight how broader vulnerabilities threaten stability across the S&P 500 index. This exposure leaves ordinary investors uniquely susceptible to sudden corporate shocks.
Broader market resilience is keeping the primary equity index steady even as the chipmaking giant faces downward pressure. Gains in alternate sectors are actively offsetting losses from the tech heavyweight to stabilize overall market performance. This shift highlights how diverse market segments can step in to sustain baseline index levels.