Heather Long: U.S. existing home sales in October fall to lowest since 2010

Heather Long: U.S. existing home sales in October fall to lowest since 2010
U.S. home sales hit lowest since 2010

Home sales of existing homes in the U.S. dropped in October to their lowest level since 2010.

Heather Long described the slowdown as a dramatic slump, adding that both home sales and home building are drying up as mortgage rates remain above 7 percent and home prices remain elevated.

Rising prices remain a theme, with business inflation reaching 6.3 percent in September according to reporting by Heather Long. The Federal Reserve signaled a continued focus on inflation after a recent 'hawkish skip,' as Fed Chair Kevin Warsh noted that further action may be needed. Elevated inflation and policy expectations have weighed on housing and other interest rate–sensitive sectors.

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