Existing-home sales hit a 16-year low. Prices still aren’t falling.
U.S. existing-home sales plunged 5.5% in October to an annual pace of just 3.75 million, the lowest level since August 2010. Sales were down 8.8% from a year earlier and came in below economists’ forecasts. Mortgage rates above 7% are keeping buyers away. Here’s the ugly combination: homes are getting harder to sell, but prices … Read more