US existing home sales have hit their lowest levels since 2009, mainly due to the impact of mortgage rates and a lack of available homes. The National Association of Realtors reported a 2.0% reduction in existing home sales in May 2023, reaching a seasonally adjusted annual rate of 3.96 million units, the lowest level since October 2010. Sales in the south decreased by 1.1%, while those in the midwest dropped by 4.1%. Additionally, the average 30-year fixed-rate mortgage surged to 7.7%, marking its highest level since November 2000.