U.S. existing-home sales fell sharply in October as mortgage rates climbed and affordability weakened; Spain approved eviction-related measures amid a national dispute over housing costs.
U.S. existing-home sales fell to their lowest level in more than 16 years in October, as higher mortgage rates and weaker affordability weighed on the market, according to data released Thursday by the National Association of Realtors.
Sales dropped 5.5% from September to a seasonally adjusted annual rate of 3.75 million units, the association said. The decline points to a market where financing costs are a significant constraint for prospective buyers, limiting the number of households able or willing to complete a purchase.
The NAR’s Housing Affordability Index was 100.7 in October, down from 107.3 a year earlier. The average 30-year fixed mortgage rate reached 7.33%, compared with 6.86% in September and 6.25% in October last year, according to the report. The index reflects the relationship between median family income, home prices and mortgage rates; its decline indicates that a typical purchase has become less affordable over the year.
Higher rates raise monthly payments on a given loan, reducing the price of a home a buyer can afford without changing the household’s budget. The NAR figures do not separate the impact of mortgage rates from changes in prices and incomes, but together those factors determine whether a purchase is within reach for many families.
Weekly figures from Redfin offer a separate view of recent market conditions. For the four weeks ending Nov. 8, the median sale price was $388,613, down 0.9% from a year earlier. Pending sales totaled 275,980, a 15.54% year-over-year decline and a 0.1% drop from the preceding week.
Redfin put the median monthly mortgage payment at $2,755, based on a weekly average mortgage rate of 7.18%. That payment was down from $2,820 a month earlier. The Redfin and NAR rates cover different periods and use different calculations, so they are not directly interchangeable. The short-term easing in Redfin’s estimated payment also sits alongside the NAR’s year-over-year deterioration in affordability and the sharp decline in pending sales.
The sales slowdown has consequences beyond the number of homes changing hands. A household unable to qualify for a mortgage may have fewer options to move closer to work or family, while a sale that never reaches completion can delay a planned move. The data do not establish what is happening to rents, homelessness or the supply of rental housing, and they cannot show why individual buyers have withdrawn.
Housing costs have also prompted political action in Spain. After a nationwide strike over affordability, the Spanish Parliament approved measures limiting evictions, Al Jazeera reported Thursday. The protections’ duration depends on the outcome of an upcoming snap election, the report said.
The available reporting does not provide the detailed terms of the measures or quantify their likely effects on tenants, landlords, rents or housing supply. Eviction protections may provide relief to tenants facing displacement, but uncertainty about how long the rules will apply can complicate decisions for both renters and property owners. The reported action, on its own, does not show whether more homes will become available or housing costs will fall.
The U.S. and Spanish developments involve different markets and policy choices, but both reflect the role housing costs play in household stability. In the United States, Thursday’s data show that elevated mortgage rates coincide with a sharp fall in sales and weaker affordability. In Spain, the immediate policy response centers on eviction protections, while the coming election will determine how long those measures remain in place.
Deborah Cole serves as a Senior Correspondent for Just Right News, where she spearheads the network’s coverage of Housing, Infrastructure, and Mobility. With a career defined by a commitment to rigorous reporting and a focus on the fundamental pillars of American community life, Deborah brings a principled perspective to the complex issues that dictate how and where we live. Her work is grounded in the belief that sound policy, fiscal responsibility, and respect for private property are the essential foundations of a prosperous society.
Originally from Boston, Massachusetts, Deborah’s upbringing in one of the nation’s oldest and most historically significant cities deeply influenced her professional trajectory. Growing up amidst the architectural legacy and dense urban planning of New England, she developed an early appreciation for the importance of durable infrastructure and the role of local tradition in shaping neighborhoods. Her perspective is informed by the classic American values of her hometown—hard work, community cohesion, and a healthy skepticism of top-down bureaucratic mandates that often overlook the unique needs of individual citizens.
Today, Deborah operates from her base in Austin, Texas, a city that serves as a primary laboratory for her reporting. Austin’s rapid expansion and its status as a hub for innovation and migration provide her with a front-row seat to the most pressing challenges in modern infrastructure and housing. From the Lone Star State, she chronicles the tensions between rapid growth and the preservation of the American Dream, often highlighting how market-driven solutions and deregulation can address the housing shortages that plague many of the country’s metropolitan areas.
At Just Right News, Deborah is perhaps best known for her signature feature series, “Where We Live.” Through this platform, she explores the intersection of public policy and private life, moving beyond mere statistics to tell the stories of families, small business owners, and local developers. Her reporting frequently highlights the importance of mobility—not just in terms of transportation and transit, but as a vehicle for economic opportunity and social stability. She remains a staunch advocate for the taxpayer, consistently scrutinizing government spending on large-scale projects and advocating for transparency in how infrastructure dollars are allocated.
Deborah’s beat is more than just a collection of policy topics; it is an investigation into the physical and legal structures that allow families to flourish. Whether she is reporting on the impact of zoning laws on suburban development or the necessity of maintaining the nation’s highway systems, her work is characterized by a dedication to the facts and a respect for the constitutional principles that protect the rights of homeowners.
As a Senior Correspondent, Deborah Cole continues to be a vital voice for Just Right News, providing the audience with the clarity and context needed to navigate an ever-changing landscape. Her reporting ensures that the values of individual liberty and local sovereignty remain at the forefront of the national conversation regarding the future of our cities and towns. Through her tireless efforts, she remains committed to informing the public on the issues that hit closest to home.