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The U.S. housing market has been in a slump dating back to 2022, when mortgage rates began to climb from pandemic-era lows.
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There were 1.53 million unsold homes at the end of last month, down 0.6% from May, but up nearly 16% from June last year.
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The national median sales price rose 4.8% in January from a year earlier to $396,900.
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The average rate on a 30-year mortgage edged closer to 7% this week as it climbed to its highest level since July.
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The average rate on a 30-year mortgage in the U.S. is now at its lowest level since early February 2023.
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The median national home price for all of last year jumped 10.2% to $386,300.
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Existing home sales fell 5.9% last month from September to a seasonally adjusted annual rate of 4.43 million.
Sales of existing U.S. homes fell in March after a huge gain the previous month, held back partly by a sharp slowdown among the most expensive properties.