America’s red hot property market could be cooling down, according to a realtors’ group, with sales of pre-owned homes falling for a third month in a row in April even as prices remain eye-wateringly high.Sales of existing homes, which account for the bulk of US home sales, dipped by 2.4 per cent from March to April – reaching their lowest level since the sales slump in June 2020, the National Association of Realtors said this week.‘Higher home prices and sharply higher mortgage rates have reduced buyer activity,’ Lawrence Yun, the group’s chief economist, said in a statement.
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