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June 22, 2017

What's it like for homebuyers now? ‘Terrible'

  • The lack of homes on the market has caused prices to rise at more than double the pace of wages.
  • By JOSH BOAK
    AP Economics Writer

    WASHINGTON — Americans shopping for a house are facing an intensifying set of pressures: Fewer and fewer homes are being listed for sale, while prices are climbing at a pace that most incomes can't possibly match.

    The May sales report released Wednesday by the National Association of Realtors shows a housing market unable to meet the demand from would-be buyers. Sales edged up 1.1 percent in May to a seasonally adjusted annual rate of 5.62 million, a decent gain amid a relatively stable job market with a robust 4.3 percent unemployment rate.


     
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