October Home Sales Likely Fell to New 13-Year Low

Tuesday’s existing-home-sales report is expected to show that the number of home sales in October fell to a new 13-year low.

• Economists surveyed by The Wall Street Journal estimate sales of previously owned homes fell a seasonally adjusted 1.5% in October from September.
• High home prices and elevated mortgage rates have made home purchases far less affordable for buyers, pushing many out of the market.
• The National Association of Realtors will release the October existing-home-sales report at 10 a.m. Eastern time Tuesday. 

Even as home-buying demand has slumped, the inventory of homes for sale has stayed low because high rates are making homeowners unwilling to sell and move. The limited supply is a major reason that home prices are rising in much of the U.S.