Home sales dropped 5.4% last month to a seasonally adjusted annual rate of 3.89 million units, the lowest level since December. The median existing home price rose 4.1% year-on-year to a record high of $426,900.
The average rate on a 30-year fixed-rate mortgage fell to 6.77%, a four-month low, down from 6.89%. Lawrence Yun, NAR's chief economist, mentioned a transition towards a buyer's market.
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