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Existing-home sales activity slowed slightly in June, while median prices rose again for the seventh straight month, according to a recent report by the National Association of REALTORS (NAR). Existing-home sales, which include recently purchased single family, townhomes, condominiums, and co-ops eased 1.2 percent and are currently on pace to reach 5.08 million annual units for the year.
NAR chief economist Lawrence Yun says the market continues to thrive despite the recent increase in interest rates. “Affordability conditions remain favorable in most of the country, and we’re still dealing with a large pent-up demand,” he said. “However, higher mortgage interest rates will bite into high-cost regions of California, Hawaii and the New York City metro area market.”
Mortgage giant Freddie Mac reported an increase in the national commitment rate for a 30-year fixed rate conventional mortgage, up to 4.07 percent in June, compared to 3.54 percent in May. Although June’s rates were the highest on record since October 2011, they are currently among the lowest available in the past 40 years.
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