Sales of built units fell to 3.75m in October, down by 8.8% from last year, with mortgage rates at nearly three-year high

US existing home sales hit a 16-year low in October as buyers were driven away by record-high mortgage rates and rising inflation, according to new data released on Wednesday.

Sales of already built units dropped to 3.75m in October, down by 8.8% from last year, the National Association of Realtors (NAR) reported. The median existing-home sales price increased slightly to $416,700. Declines in sales were seen in the midwest, south and west, though sales in the north-east held steady.