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Housing: Existing home sales fall to lowest level since June 2020 as mortgage rates rise

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Yahoo Finance's Julie Hyman breaks down April existing home sales data.

Video transcript

- We just got existing home sales, by the way, data just in the past few moments. And we saw those sales fall to the lowest since June of 2020 in April. So there was a decrease of 2.4% in April compared with March. The annualized pace now at 5.61 million. That's a little bit below what economists had been estimating.

Remember, of course, the 30-year mortgage rate has been on the rise. It's now at 5.5% as of last week. That's up two full points from the beginning of the year. So that's put some pressure on sales. Rising prices have put some pressure on sales overall, as well as a lack of inventory. So this adding to what we've seen in the housing market in terms of a little bit of choppy data.

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