Sales of existing homes fell more than expected in June, indicating that the housing market is struggling to regain speed since hitting a soft patch last year.
The National Association of Realtors said on Tuesday that existing home sales dropped 1.7% to a seasonally adjusted annual rate of 5.27 million units last month. The median existing house price increased 4.3% from a year ago to an all-time high of $285,700 in June.
“Meager inventory levels, especially in the entry-level segment, and still-rising prices continue to limit the selection of homes available to more budget-conscious buyers,” said Matthew Speakman, an economist at Zillow.
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