# Housing Market Slumps to 16-Year Low

> U.S. home sales drop to 3.75 million as mortgage rates exceed 7%.
- Title: Housing Market Slumps to 16-Year Low · The Washington Post
- Summary: U.S. home sales drop to 3.75 million as mortgage rates exceed 7%. U.S. home sales fell to 3.75 million in October, the lowest since 2010, with mortgage rates…
- Keywords: u.s. home sales, mortgage rates, national association of realtors, existing home sales, home prices, realtor.com, The Washington Post
- Source: The Washington Post — https://washingtonpost.com/business/2026/11/12/housing-market-worst-slump-since-aftermath-great-recession
- Read time: 1 min
- Topics: u.s. home sales, mortgage rates, national association of realtors, existing home sales, home prices, realtor.com, business, finance
## Housing Market Slumps
U.S. home sales fell to 3.75 million in October, the lowest level since August 2010.
## Mortgage Rates Soar
Mortgage rates have soared past 7 percent while home prices stay stubbornly high.
## Sellers Hold Off
Sellers don’t want to give up their lower mortgage rates, so they don’t have much incentive to drop prices.
## Real Estate Expert
Richard Green, director of University of Southern California’s Lusk Center for Real Estate, said home buying is difficult with current mortgage rates.
## National Association of Realtors Report
Existing-home sales fell to a seasonally adjusted annual rate of 3.75 million last month, a 5.5 percent decrease from September.
## Home Prices Rise
Home prices are increasing for existing homes, rising 0.4 percent from a year ago.
## Key takeaway

U.S. home sales fell to 3.75 million in October, the lowest since 2010, with mortgage rates above 7% discouraging buyers and sellers.