Home Sales Remain Frozen, as Americans Can’t Afford a Home

Since the Federal Reserve cut rates by 0.50% in September, the 10-year U.S. Treasury interest rate has risen from 6.08% to 6.44%; the National Association of Realtors reported that September home sales dropped to the lowest annual rate since 2010 (a post-crash recession year), 3.85 million. The average price of an existing home, nationwide, is now $404,000; of a new home, over $500,000; the average mortgage rate, 6.51%.