US home sales on pace for the worst year since 1993

US home sales on pace for the worst year since 1993

 Home sales may have their worst year in 30 years. Sales slumped in October and prices continued to climb, as mortgage rates surged last month and inventory remained extraordinarily low. That kept homebuyers out of the market, according to a monthly report from the National Association of Realtors released Tuesday. 

 
Home sales remained at 13-year lows as buyers competed for the few available homes on the market and continued to push up prices. Elevated prices, together with the average rate for a 30-year fixed-rate mortgage nearing 8% in October, have created the least affordable market in several decades.