High inflation and rising interest rates are creating one of the worst housing markets since the 2008 crash, presenting another hurdle to President Biden’s hoped-for recovery in a sector that accounts for nearly one-fifth of the economy.
Sales of previously owned homes fell for the ninth straight month in October, down 5.9% from the previous month, the National Association of Realtors said Friday.
Existing home sales were down 28.4% from October 2021, the slowest pace since 2011, with the exception of the start of the pandemic. The streak of declines is the longest on record, forcing buyers and sellers to the sidelines amid higher prices and fewer homes available.