“Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation.”

Lawrence Yun, National Association of Realtors’ chief economist, commenting on a monthly report from the NAR that showed home sales slumped in October and prices continued to climb, as mortgage rates surged and inventory remained extraordinarily low. Read the CNN article, “U.S. Home Sales on Pace for the Worst Year Since 1993."