Home sales plunge to 16-year low as mortgage rates stay high: ‘Just a tough market’

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U.S. home sales fell to a 16‑year low in October as mortgage rates remained near three‑year highs, driving buyers away. The National Association of Realtors reported an 8.8% drop to 3.75 million units, with median prices edging up to $416,700. Declines were seen across the Midwest, South, and West, while the Northeast held steady.
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