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Home sales declined in June as prices hit new all-time high
Most of the country saw a sales slump in June. The steepest declines came in the pricey Northeast where buyers still generally outnumber sellers, and home prices are rising the fastest. There, sales dropped 8% from a month earlier, while prices were up 4.2% in the last year to an average of $543,300.
The supply of existing homes entering the market slowed sharply when interest rates were increased 2022, because many homeowners were reluctant to give up the mortgages they secured at lower rates.
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US existing home sales dip to 9-month low on high costsSales of previously-owned homes in the United States hit their lowest rate in nine months, according to industry data ...
Almost 15% of all pending home sales nationwide were canceled in June, a record number for this time of year, a new Redfin analysis shows.
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