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Existing home sales declined again in May, falling by 3.4% to a seasonally adjusted annualized rate of 5.41 million units, according to new data from the National Association of Realtors.

On a yearly basis, existing home sales were down 8.6% compared to May 2021.

The NAR said the market is now at its weakest reading since June 2020, during the early months of the COVID-19 pandemic when a lot of activity was temporarily paused. Excluding that month, sales hit their lowest point since January 2020.

The latest data is based on deals that closed in the month, and therefore represents contracts that were likely signed in March and April. At that time, the average 30-year fixed mortgage rate increased from 4% to around 5.5%. Now, the rate is even higher at 6%. Rising rates, along with the low supply of homes and price appreciation have had a devastating impact on affordability.