Sales of existing homes tumbled last month for the fourth month in a row as housing became less affordable across the country.
Existing-home sales declined by 3.4% in May to a seasonally adjusted annual rate of 5.41 million, according to a report by the National Association of Realtors released Tuesday. Sales were down 8.6% from a year ago.
Mortgage rates rose quickly over the past few months as the Federal Reserve conducted three interest rate hikes to curb inflation. “Further sales declines should be expected in the upcoming months given housing affordability challenges from the sharp rise in mortgage rates this year,” he added.
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