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June 22, 2022

Home sales give way as prices enter unprecedented territory

  • The housing market, a crucial part of the economy, is slowing as homebuyers face sharply higher home financing costs than a year ago following a rapid rise in mortgage rates.
    AP Business Writer

    Sales of previously occupied U.S. homes slowed for the fourth consecutive month as climbing mortgage rates and record high prices discouraged house hunters.

    Existing home sales fell 3.4% last month from April to a seasonally adjusted annual rate of 5.41 million, the National Association of Realtors said Tuesday.

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