Nov. 12 (UPI) — Existing-home sales fell to a 16-year low in October, driven lower by record-high mortgage rates and rising inflation, according to the National Association of Realtors.

According to the trade group, existing-home sales fell 8.8% last month from the same prior-year month to 3.75 million. Sales declines were posted in the Midwest, South and West, while sales in the Northeast were steady.

“Home buying is difficult when mortgage rates have climbed to their highest levels since 2000, aside from a single month in 2023,” NAR Chief Economist Lawrence Yun said. “As a result, home sales fell to their lowest level since August 2010.”

The average rate for a 30-year fixed-rate mortgage hit 7.40% last month, the highest in three years. Rates have since receded, but they remain higher than they were the year before.

Pending-home sales reached their lowest levels in the NAR’s history in September as the 30-year mortgage rate topped 7% for the first time in almost two years.

Still, home prices continued to rise nationally in October. The median sales price rose 0.4% last month from a year earlier to $416,700, a record high for the month of October based on NAR data since 1999.