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 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.