U.S. Home Sales Fall For 3rd Straight Month

LOS ANGELES (AP) — Sales of previously occupied U.S. homes fell in May for the third straight month as rising mortgage rates and record-high prices discouraged many prospective homebuyers during what’s traditionally the housing market’s busiest period of the year.

Existing home sales fell 0.7% last month from April to a seasonally adjusted annual rate of 4.11 million, the National Association of Realtors said Friday.

Sales also fell 2.8% compared with May last year.

The median U.S. home price climbed compared with a year earlier for the 11th month in a row to record $419,300.

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