US home sales slide for eighth consecutive month in September

BSS :
Existing home sales in the US fell for an eighth straight month in September, industry data showed Thursday, as rising mortgage rates weighed on demand while analysts caution another slump is on the horizon.
The drop comes as the Federal Reserve moved aggressively to cool surging inflation, with the central bank’s interest rate hikes boosting borrowing costs and bringing knock-on effects for the key housing market.
Sales of all types of homes and condos slid 1.5 percent from August, and fell in all regions compared with a year ago, said the National Association of Realtors (NAR) on Thursday.
The association added that the series of declines was the longest since 2007, when the housing market crashed.
“The housing sector continues to undergo an adjustment due to the continuous rise in interest rates,” said NAR chief economist Lawrence Yun.