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October 3, 2023

Century 21 CEO underlines a glaring need for new housing

AP Business Writer

LOS ANGELES — The highest mortgage rates in more than two decades are keeping many prospective homebuyers out of the market and discouraging homeowners who locked in ultra-low rates from listing their homes for sale.

The dearth of available properties is propping up prices even as sales of previously occupied U.S. homes have slumped 21% through the first eight months of this year.

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