India, Nov. 12 -- Partly reflecting the impact of high mortgage rates, the National Association of Realtors released a report on Thursday showing a steep drop in existing home sales in the U.S. in the month of October.
NAR said existing home sales plunged by 5.5 percent to an annual rate of 3.75 million in October after jumping by 1 percent to a revised rate of 3.97 million in September.
Economists had expected existing home sales to tumble by 3.5 percent to an annual rate of 3.85 million from the 3.99 million originally reported for the previous month.
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