US home sales drop to 16-year low at 3.75 million units
US existing home sales reached a 16-year low in October, plummeting to 3.75 million units, an 8.8% decline from last year. Record-high mortgage rates, now at 7.18%, deterred buyers amid rising inflation. Chief economist Lawrence Yun warned that high mortgage rates have created significant challenges for home purchasing since 2000.
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Summary by OZbrief Editorial · The Guardian Australia – Business · Source
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Published 12 Nov 2026, 17:26 UTC · Updated 12 Nov 2026, 17:40 UTC
Summary by OZbrief Editorial. Original report: The Guardian Australia – Business. Editorial policy · Corrections
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