Sales of existing US homes tumble to lowest level since 2010

U.S. previously owned home sales fell last month to a 16-year low as a cascade of negative news on mortgage rates and inflation deterred would-be buyers. Contract closings in October decreased 5.5% to an annualized rate of 3.75 million, according to figures released Thursday by the National Association of Realtors. kAm$2=6D A=F>>6E65 :? E96 (6DE E@ E96 D=@H6DE A246 :? 52E2 324< E@ `hhh 2?5 9:E E96 =@H6DE =6G6=D :? >@C6 E92? 2 564256 :? 3@E9 E96 $@FE9 2?5 |:5H6DE]k^Am kAm%96 9@FD:?8 >2C<6E =@@ 2D 5:D4@FC2865 3FJ6CD 8C2AA=6 H:E9 >@CE8286 C2E6D 23@G6 fT 2?5 DEF33@C?=J 9:89 :?7=2E:@? 24C@DD E96 64@?@>J]k^Am kAmpE E96 D2>6 E:>6[ E96 AF==324< :? 56>2?5 >2J 6G6?EF2==J 96=A E@ :>AC@G6 277@C523:=:EJ] $6A2C2E6 7:8FC6D E9:D H66< 7C@> @?=:?6 >2C<6EA=246 #657:? D9@H65 beT @7 9@>6D E92E D@=5 =2DE >@?E9 925 2E =62DE @?6 AC:46 5C@A[ >2C<:?8 E96 9:896DE D92C6 :? E96 4@>A2?J’D 52E2]k^Am kAm%96 24E:G6 :?G6?E@CJ @7 6I:DE:?8 9@>6D @? E96 >2C<6E 4@?E:?F65 E@ C:D6 =2DE >@?E9[ 6G6? 2D E96 ?F>36C @7 ?6H =:DE:?8D H62<6?65[ q=@@>36C8 x?E6==:86?46 2?2=JDE sC6H #625:?8 D2:5 :? 2 }@G] h ?@E6] %92E 2=D@ DF886DED AC:46 C6=:67 >2J 36 3F:=5:?8]k^Am kAm“q2D65 @? E96 4FCC6?E F?56CH96=>:?8 9@>6 D2=6D A246 2E 2 E:>6 @7 4@?D:DE6?E ;@3 8C@HE9[ E96C6 4@F=5 36 D:K23=6 A6?E\FA 56>2?5 :7 >@CE8286 C2E6D 564=:?6[” }p# r9:67 t4@?@>:DE {2HC6?46 *F? D2:5 :? 2 DE2E6>6?E]k^Am k9bm$FAA=J 3F:=5Dk^9bm kAm}p#’D 52E2 D9@H E96 DFAA=J @7 9@>6D @? E96 C6D2=6 >2C<6E :?4C62D65 c]eT 7C@> 2 J62C 62C=:6C E@ `]dh >:==:@?[ E96 >@DE 7@C 2?J ~4E@36C D:?46 a_`h] %92E C6AC6D6?ED d]` >@?E9D @7 DFAA=J 2E E96 4FCC6?E D2=6D A246[ E96 9:896DE D:?46 =2E6 a_`d]k^Am kAm%96 >65:2? D2=6D AC:46 :?4C62D65 _]cT 7C@> 2 J62C 28@ — E96 D>2==6DE 2??F2= 25G2?46 D:?46 u63CF2CJ — E@ Sc`e[f__]k^Am kAmw@FD:?8 H2D 2 <6J 4@>A@?6?E @7 E96 277@C523:=:EJ 4C:D:D E92E 96=A65 DH66A s6>@4C2ED E@ A@H6C :? E96 >:5E6C> 6=64E:@?D] }p#’D 9@FD:?8 277@C523:=:EJ :?56I[ H9:49 >62DFC6D H96E96C 2 EJA:42= 72>:=J 62C?D 6?@F89 E@ BF2=:7J 7@C 2 >@CE8286 7@C 2 >65:2?\AC:465 9@>6[ 564C62D65 E@ E96 =@H6DE =6G6= D:?46 >:5\a_ad]k^Am kAm%96 }p# C6A@CE 2=D@ D9@H65 D2=6D @7 6I:DE:?8 4@?5@>:?:F>D D=:5 E@ E96 =@H6DE =6G6= :? C64@C5D 324< E@ `hhh]k^Am kAm$6A2C2E6 52E2 @FE %9FCD52J D9@H65 2AA=:42E:@?D 7@C F?6>A=@J>6?E 36?67:ED C@D6 =2DE H66< E@ a__[___ 3FE 96=5 4=@D6 E@ 9:DE@C:42==J =@H =6G6=D]k^Am kAmW(:E9 2DD:DE2?46 7C@> {2FC2 *:?]Xk^Am