Existing US home sales drooped to a 13-year low in October. National Association of Realtors (NAR) Chief Economist Lawrence Yun breaks down the unique set of circumstances weighing on homeowners and sellers in the US housing market.
"The challenge is that with higher mortgage rates, it's really hurting the first-time buyers from entering the market. First-time buyers, comprising less than 30% of all transactions, it should be closer to 40% in normal circumstance," Yun tells Yahoo Finance Live. "So we have a divided market: homeowners doing well, yet the potential homebuyers, renters who want to be part of the ownership society, are struggling to get into the market."
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live
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