Existing home sales in the U.S. fell another 5.5% in October to the lowest level since the aftermath of the 2007-2010 subprime mortgage crisis, according to a Nov. 12 report by the National Association of Realtors. There are 1.59 million unsold homes on the market—a five-month supply. U.S. home sales so far in 2026 are 8.8% slower than last year.

Realtors blame high mortgage rates and rising home prices. The average homeowner today pays a $1,300 monthly mortgage, but to enter the market, a new mortgage comes with an average $2,400 monthly payment, or about an 85% increase, according to a Nov. 11 report from Realtor.com. New homebuyers are reluctant to enter this pricey market, and current homeowners are hesitant to move, knowing that they would most likely be paying a significantly higher mortgage rate. Mortgage rates rose to the highest levels since 2000 (other than one month in 2023). Median home prices have risen for 40 consecutive months.