Home prices hit record highs as sales stalled in May

Sales of previously owned homes are at a 30-year low and haven’t moved much in May as prices hit a new record and mortgage rates remain high.

So-called existing home sales were essentially flat in May, down 0.7% from April at a seasonally adjusted, annual rate of 4.11 million units, according to the National Association of Realtors, or NAR. Sales were down 2.8% from May last year.

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