Increasing cost of housing squeezes Americans out of market

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Sales of existing homes in the U.S. fell last month to their lowest level in more than 16 years. That's according to a new report by the National Association of Realtors. In October alone, sales dropped to 3.75 million homes, an 8.8% drop compared with the same time last year. Stephanie Sy reports on what's driving the decline.

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Sales of existing homes in the U.S. fell last month to their lowest level in more than 16 years. That's according to a new report by the National Association of Realtors. In October alone, sales dropped to 3.75 million homes. That's an 8.8 percent drop compared with the same time last year.

Stephanie Sy has more on what's driving the decline.

Amna, high mortgage rates are a key part of all of this. They haven't been this high in nearly a generation. As of today, the average rate is 7 percent for a 30-year fixed mortgage.

And even though prices are dropping, in some markets, they're still unaffordable for a lot of folks. We spoke to a handful of people either trying to buy or sell a home in this environment.

Chester Carl Bostek. I am currently in Montrose, Colorado.

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