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June 24, 2024

Home sales fall for the 3rd straight month in May

  • Rising mortgage rates and record-high prices discouraged many prospective homebuyers during what's traditionally the market's busiest period.
    • By ALEX VEIGA
    AP Business Writer

    LOS ANGELES — Sales of previously occupied U.S. homes fell in May for the third straight month as rising mortgage rates and record-high prices discouraged many prospective homebuyers during what's traditionally the housing market's busiest period of the year.

    Existing home sales fell 0.7% last month from April to a seasonally adjusted annual rate of 4.11 million, the National Association of Realtors said Friday.


     
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