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Home Sales Dip

Sales of Existing homes stumbled after hitting a three and half year high in May.

The number of sales dipped 1.2% to an annual rate of 5.08 million in June from a downwardly revised 5.14 million in May, according to the National Association of Realtors.

Related: Prepare for a slowdown in home prices

RISING MORTGAGE RATES may have taken some of the steam out of the market. A lack of inventory is also holding sales back.

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THE HOME BIDDING WARS ARE BACK. Indeed the median home price jumped 13.5% from June 2012, to $214,200, posting the 16th consecutive month of gains.

NEW HOME SALES HIT FIVE-YEAR HIGH. Distressed properties generally sell at substantial discounts to conventional homes.

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Norma Mardelli

Top 2% Coldwell Banker Internationally Luxury Homes Specialist Representing: Pasadena, San Marino, La Cañada, South Pasadena, Arcadia, Sierra Madre, Altadena, San Gabriel, Alhambra, Glendale, La Crescenta