NAR reports U.S. existing-home sales fell to their lowest level since August 2010
U.S. existing-home sales fell 5.5% in October to a seasonally adjusted annual rate of 3.75 million, the lowest since August 2010, the National Association of Realtors (NAR) said. Sales were down 8.8% from a year earlier and below the 3.85 million forecast by economists surveyed by Reuters. High mortgage rates and home prices weighed on buyers.
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Freddie Mac said the average rate on a 30-year fixed mortgage was 7.33% in October, up from 6.86% in September and 6.25% in October 2025. Lawrence Yun, NAR’s chief economist, said mortgage rates had reached their highest level since 2000, except for one month in 2023, making purchases very difficult.
First-time buyers accounted for 29% of October transactions, down from 31% in September and 32% in October 2025. NAR estimates they need to make up 40% of transactions to support a healthy market.
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