[US Existing Home Sales Fall to 16-Year Low as High Mortgage Rates Discourage Buyers] According to Jinse Finance, on November 13th, US existing home sales fell to their lowest level in 16 years last month, with negative news regarding mortgage rates and inflation deterring potential homebuyers. Data released Thursday by the National Association of Realtors (NAR) showed that existing home sales fell 5.5% in October, to an annualized rate of 3.75 million units. Sales in the West plummeted to their lowest level since data became available in 1999, while sales in the South and Midwest also fell to their lowest levels in over a decade. With frustrated homebuyers facing mortgage rates exceeding 7% and persistently high inflation, the housing market outlook is increasingly bleak. 30-year mortgage rates, after hitting a near three-year high in early October, have recently declined somewhat. Ben Ayers, senior economist at Nationwide, stated that regarding the housing market, "This is probably the worst time, but I don't expect much improvement in the short term because even with a slight drop in mortgage rates, they are still quite high."