Existing Home Sales Hit Lowest Level in 13 Years

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Sales of existing homes have fallen to their lowest level in 13 years according to the National Association of Realtors, which reports sales have hit their slowest pace since October of 2010. Remember that's when there was a foreclosure crisis. The median price of a home sold last month, over $394,000. That's up 2.8% from the same time a year ago. The association says limited inventory and low housing affordability are hurting home sales. We could see further pressure on the housing market as well as mortgage rates hit 8% yesterday. That is high. That's according to mortgage news daily. That's the highest level since mid 2000.