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US home prices break $400K for the first time ever

The median US home price broke above $400,000 in May for the first time, even as the number of sales plunged for the fourth straight month and rising mortgage rates discouraged first-time buyers. 

The median sales price for existing homes set a new record at $407,600, a 14.8 percent surge compared to a year ago, the National Association of Realtors (NAR) reported on Tuesday. 

With high prices and rising rates squeezing young homebuyers, the number of sales of existing homes dropped 8.6 percent from a year ago, to a seasonally adjusted annual rate of 5.41 million. 

Yet with supply tight, the housing market remains fairly hot, with properties typically staying on the market for a record low 16 days, and prices have yet to come down. 

‘Home sales have essentially returned to the levels…

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