US current-home selling price hits record $407,600 in May

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The average current home selling price exceeded $400,000 in May, setting a new record, as the housing market stalled under the weight of high mortgage interest rates,

The National Association of Realtors said on Tuesday that sales of previously owned homes fell for the fourth straight month, down 3.4% from the previous month in May to a seasonally adjusted annual rate of 5.41 million, the weakest rate since June 2020. . May sales fell 8.6% from a year earlier.