Sales slump 4.1% in October amid highest mortgage rates in two decades and a dearth of houses

US existing home sales dropped to the lowest level in more than 13 years in October as the highest mortgage rates in two decades and a dearth of houses drove buyers from the market.

Existing home sales tumbled 4.1% last month to a seasonally adjusted annual rate of 3.79m units, the lowest level since August 2010, the National Association of Realtors (NAR) said on Tuesday. Home resales are counted at the closing of a contract.