“Existing home sales have now fallen back to their pre-pandemic pace,” said Mark Vitner, Senior Economist with Wells Fargo Economics, Charlotte, N.C. “Higher prices and rising interest rates have reduced affordability.” He also added that a lack of inventory had been a significant obstacle. Nevertheless, the data indicated some progress: inventories increased to 1.16 million in May, up roughly 13 percent from April but still down 4.1 percent from a year earlier.
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