US home sales weaken to slowest pace in more than a year as mortgage rates and prices climb

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Housing market has been stymied by borrowing costs, as mortgage rates marched higher amid war between the US and IranSales of previously occupied US homes declined in August to their slowest annual pace in more than a year as home shoppers grappled with rising mortgage rates and home prices.Existing home sales fell 2% last month from July to a seasonally adjusted annual rate of 3.98m units, the National Association of Realtors said Thursday. This is the third straight monthly decline. Continue r