US home prices top $400,000 for first time, crimping May sales

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Washington (AFP) – The median US home price broke above $400,000 for the first time, sending existing home sales in May falling for the fourth straight month, according to industry data released Tuesday. Sales toppled 3.4 percent compared to April as the median sales price hit $407,600, a 14.8 percent surge compared to a year ago, the National Association of Realtors (NAR) reported. The sales pace slowed to a seasonally adjusted annual rate of 5.41 million last month, which was 8.6 percent lower than May 2021, the report said. “Home sales have essentially returned to the levels seen in 2019 –…

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