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(Nam Y. Huh/AP)

Home sales in worst slump since the aftermath of the Great Recession

 What to know

U.S. home sales fell to their lowest level in over 16 years in October as mortgage rates exceeded 7 percent, according to the National Association of Realtors. Existing home sales dropped 5.5 percent from September. while prices remained high. Rising rates and costs have deterred buyers and sellers, with the typical monthly payment for a median-priced home now significantly higher, according to Realtor.com.

Summary is AI-generated, newsroom-reviewed.

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