Existing home sales tumbled in October to the slowest pace in more than 16 years, underscoring the housing market's persistent weakness.

The National Association of Realtors reported Thursday that sales of previously owned homes dropped 5.5 percent from September to a seasonally adjusted annual rate of 3.75 million units. The figure marked an 8.8 percent decline from October 2025 and the lowest level since August 2010.

Mortgage rates hovering above 7 percent continued to sideline buyers. The 30-year fixed rate has remained elevated for months, pushing monthly payments higher and reducing affordability for many households.

Median sales prices edged higher despite the slowdown. The median existing-home price rose 0.4 percent year-over-year to $416,700, a near-record level.

Regional data showed broad weakness. Sales declined in the Midwest, South, and West, with the West posting the steepest drops. The Northeast held steady month-over-month but still fell from a year earlier.

Inventory improved modestly. Homes available for sale rose 4.6 percent from a year ago to 1.59 million, providing 5.1 months of supply at the current sales pace—the highest since late 2015.

First-time buyers represented just 29 percent of purchases, down from 32 percent a year ago. Investor and second-home buyers increased their share.

Economists noted that the combination of high rates and elevated prices has locked many potential sellers in place, limiting overall market activity. Annual sales for 2026 are on track to finish below last year's total and at levels not seen in decades.

The data reflect ongoing challenges in the housing sector, where high borrowing costs have suppressed transaction volumes even as prices remain firm in many areas.