The Thursday home sales report will reveal how the housing sector is reacting to rising mortgage rates.
Mortgage rates have risen to their highest level since 2000, resulting in a sharp decline in home sales. The National Association of Realtors will release its existing-home sales data for September at 10 am Eastern time on Thursday.
The increased rates slow down home sales and weigh on the demand. The inventory of houses on the market is also limited by high rates because homeowners who have low rates do not want to move. Home prices are rising due to the small supply