U.S. and India Face Housing Market Challenges

U.S. existing home sales fell to a nearly 14-year low in September, with a 1% decrease to a seasonally adjusted annual rate of 3.84 million units, as reported by the National Association of Realtors. This decline, attributed to elevated mortgage rates and house prices, marks the second consecutive month of decreased sales, despite a slight improvement in housing inventory. Regionally, sales declined in the Northeast, South, and Midwest, but rose in the West. Additionally, a report by PropEquity highlighted a 13% decline in housing sales in tier-2 cities in India, indicating similar challenges in the housing market there. The Federal Reserve's interest rate cuts did not lead to lower mortgage rates as expected, as stronger economic data has pushed rates higher.