US home sales dip to lowest rate since 2010

WASHINGTON, Oct 20 (AFP): US home sales slid further in September to the lowest rate in 13 years, according to industry data released Thursday, with interest rates high and the supply of properties limited.
Existing home sales crept down 2.0 per cent last month from August, reaching an annual rate of 3.96 million, seasonally adjusted, said the National Association of Realtors (NAR). This was the slowest pace since October 2010, as elevated interest rates make homeownership pricier for new buyers.
Existing homeowners are also less likely to put their real estate on sale after having locked in lower rates previously. "As has been the case throughout this year, limited inventory and low housing affordability continue to hamper home sales," said NAR chief economist Lawrence Yun.
From a year ago, home sales in September were around 15 per cent lower.