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New home sales fall to pre-pandemic levels

Some worry that the decline in home sales could be a sign the country is on the verge of a recession. Tuesday’s report also found that the median new home price was up a colossal 19.6% for the 12 months ending in April to $450,600, a figure that outpaces most gauges of inflation. Housing markets in the South are cooling at the fastest rate, with a nearly 20% drop in home sales from April of last year.

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