U.S. existing home sales dropped to the lowest level in more than 13 years in October as the highest mortgage rates in two decades and a dearth of houses drove buyers from the market.

The report from the National Association of Realtors on Tuesday also showed that the median house price last month was the highest for any October. Barring a rebound in November and December, home resales this year are on track for their worst performance since 1992.

[Not coincidentally, mortgage rates have hit their highest levels in several years too. Prices are still stuck at the high levels of the recently expired sales boom, which has made moving much more costly. It will take some deflation on home values to resolve the issue, but that brings with it all sorts of other problems. — Ed]