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U.S. Existing-Home Sale Prices Hit Record of $407,600 in May

The median existing-home sale worth in the U.S. shot above $400,000 in May, setting a brand new file, because the housing market stalled underneath the load of higher mortgage-interest rates.

Sales of beforehand owned houses slid for a fourth straight month, declining 3.4% in May from the prior month to a seasonally adjusted annual fee of 5.41 million, the weakest fee since June 2020, the National Association of Realtors mentioned Tuesday. May gross sales fell 8.6% from a 12 months earlier.

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