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MNI BRIEF: US Existing Home Sales Fall 3.4% To 5.41M In May

(MNI) Washington

U.S. existing home sales fell to a seasonally adjusted annual rate of 5.41 million in May, sinking 3.4% from a month earlier and down 8.6% from a year earlier, the National Association of Realtors said Tuesday.

Rising mortgage rates and sustained high inflation have prevented many consumers from purchasing a home, NAR chief economist Lawrence Yun told reporters. The median existing home price surpassed $400,000 for the first time, up 14.8% from a year ago.

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U.S. existing home sales fell to a seasonally adjusted annual rate of 5.41 million in May, sinking 3.4% from a month earlier and down 8.6% from a year earlier, the National Association of Realtors said Tuesday.

Rising mortgage rates and sustained high inflation have prevented many consumers from purchasing a home, NAR chief economist Lawrence Yun told reporters. The median existing home price surpassed $400,000 for the first time, up 14.8% from a year ago.

Keep reading...Show less