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Despite the month-over-month rise, existing home sales were still 0.7% lower than the same month a year prior, marking the slowest pace for May since 2009. This decline year-over-year can be attributed to several factors, including rising mortgage rates and the overall affordability crisis that many potential buyers face. The sales numbers reported reflect closings that likely stem from contracts signed in earlier months, specifically March and April, when market conditions may have been notably different.