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flag US home sales hit a two-year low in June, driven down by rising mortgage rates and prices.

flag US home sales fell 2.7% in June, reaching their lowest pace since September 2021, due to high mortgage rates and record-high median sales prices of $435,300. flag The National Association of Realtors reported that existing home sales declined to a seasonally adjusted annual rate of 3.93 million units. flag Despite more homes being listed for sale, the inventory still falls short of pre-pandemic levels, driving prices up. flag High mortgage rates are making homeownership less affordable, particularly for first-time buyers, who made up only 30% of home sales in June.

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