Increasing cost of housing squeezes Americans out of market

Existing-home sales in the United States fell to their lowest level in more than 16 years in October, as high mortgage rates and unaffordable prices kept buyers out of the market. The decline is making it harder for people to move, buy a home for retirement or find somewhere they can afford to live.

Sales reached 3.75 million, down 8.8% from a year earlier, while the average rate for a 30-year fixed mortgage was about 7%. People interviewed described plans to leave expensive areas, difficulty qualifying for a mortgage and uncertainty about selling; one homeowner is considering letting a VA-eligible buyer take over a loan with a 2.5% rate. Rising home values have helped some owners build equity, but also made homes harder to afford.