US home sales fell in June; would-be buyers can't find homes

Friday, July 21, 2017, Vol. 41, No. 29

WASHINGTON (AP) — Homebuyers faced surging prices and a shrinking number of properties for sale in June — causing the pace of purchases of existing homes to fall.

The National Association of Realtors says sales of existing homes slipped 1.8 percent last month to a seasonally adjusted annual rate of 5.52 million. Sales levels have been nearly flat for the past year, a sign that the housing market may be stalling amid the pressures of fewer listings and higher prices.

The number of sales listings has been falling on an annual basis for the past 25 months. There were 1.96 million homes for sale in June, a 7.1 decline from a year ago.

The median sales price has climbed 6.5 percent over the past year to $263,800.