US existing home sales fell for the fifth straight month in June, falling to the lowest level in two years, as record prices and rapidly rising interest rates put home ownership out of reach for more households.
In particular, home sales fell 5.4% to 5.12 million last month, the lowest level since June 2020 when the market was recovering from a crisis brought on by the pandemic lockdown.
Home sales have now declined every month since January.
Economists polled by Reuters had, however, expected a larger decline than announced, by 5.38 million units.
Home resales, which account for nearly 90% of US home sales, fell 14.2% year over year.
Source: Capital
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