US home sales slide as prices break above US$400000 for first time

The Edge Markets LogoThe Edge Markets1 mo ago

US home sales slide as prices break above US$400000 for first time

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The steady monthly improvement could continue, with government data last week showing housing completions in May increased to the highest level since 2007.

The average contract rate on a 30-year fixed-rate mortgage jumped 55 basis points last week to a 13-1/2-year high of 5.78%, according to data from mortgage finance agency Freddie Mac.

First-time buyers accounted for just 27% of sales, which economists said also explained why double-digit home price growth persists, even as discounts become more common.

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Category: InvestingFinance

Topics: Growth Last Sales Price Market Million Supply Rates Rate Mortgage Housing

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-21, 17:44:37

News Timezone: GMT +8:00

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Language: English

Reading Time: 5 minutes read

Article Length: 863 words

Coverage Area: Malaysia

Availability: Desktop Web, Mobile Web

News ID: 2511

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Headquarters: Malaysia

News Last Updated: 8h ago

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