December 2, 2022

U.S. present residence gross sales plunge in October; costs nonetheless

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WASHINGTON — U.S. present residence gross sales tumbled for a ninth straight month in October because the 30-year mounted mortgage price hit a 20-year excessive and costs remained elevated, pushing homeownership out of the attain of many People.

Current residence gross sales dropped 5.9% to a seasonally adjusted annual price of 4.43 million items final month, the Nationwide Affiliation of Realtors stated on Friday. Outdoors the plunge throughout the preliminary part of the COVID-19 pandemic within the spring of 2020,…

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