In the latest industry update, it was observed that existing home sales experienced a decline, despite the fact that home prices have continued to rise on a year-over-year basis. This trend has persisted even as the housing market has seen an increase in inventory levels and mortgage rates.

Key points from the report include:
– Existing home sales have decreased
– Home prices are still on the rise compared to the previous year
– Inventory levels have increased in the housing market
– Mortgage rates have also seen an uptick

Overall, these findings suggest a complex landscape in the current housing market, where the interplay of various factors such as sales, pricing, inventory, and mortgage rates are shaping the dynamics for both buyers and sellers. Industry experts will continue to monitor these trends closely to assess the implications for the mortgage industry and the broader real estate market.

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