Home sales plummet to lowest level since the Great Recession as buyers flee the market
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Home sales plummet to lowest level since the Great Recession as buyers flee the market
New data provide the latest sign that the housing market is on weak footing.Photo: Joe Raedle/Getty Images
Home sales fell in October to a 16-year low as buyers bolted from the housing market in the face of 7% mortgage rates.
Sales of existing homes fell 5.5% from the previous month and were down 8.8% from last October to a 3.75 million pace, according to data released Thursday by the National Association of Realtors.
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Aarthi Swaminathan is a MarketWatch personal finance reporter covering residential real estate. She is the winner of a silver award for Best Collection of Work by an Individual Covering Residential Real Estate from the National Association of Real Estate Editors.
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