Sales of existing homes rose 2.8% year over year to 4.09 million, with the median price reaching a record $440,600. Single-family home sales increased 3.3%, while condo sales fell 2.7%. Inventory slightly rose to 1.56 million homes, a 4.6-month supply. The average 30-year mortgage rate was 6.49%. Wage growth outpaces home price growth, but limited inventory may hinder long-term affordability.
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