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As escalating mortgage rates and housing prices impacted potential buyers, pending sales retreated in all four major regions in June 2022, with the West experiencing the largest monthly decline.
Lawrence Yun told the U.S. Senate Committee on Banking, Housing, and Urban Affairs that he does not foresee a nationwide decline in home prices despite indications that price growth is set to slow.
Existing-home sales fell in June, with declines in three out of four major U.S. regions month-over-month and down in all regions year-over-year.