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The decline in sales happened as mortgage rates rose and made homes more expensive for buyers.
Mortgage rates are expected to remain elevated in a range of around 6 to 7 percent in 2024.
To afford a median-priced home, a buyer’s annual income must now be 50 percent higher compared to the early pandemic period.
The move comes as the Federal Reserve has increased interest rate 11 times since March 2022 in an effort to combat inflation.
