Existing home sales fall 1.2% in June

Existing home sales fall 1.2% in June

The National Association of Realtors said June existing home sales on a seasonally adjusted basis fell 1.2% to an annual rate of 5.08 million - the second-highest rate since Nov. 2009 - from a downwardly revised 5.14 million. Economists polled by MarketWatch expected a 5.28 million rate after the NAR initially reported a 5.18 million rate in May. The median price of a home was $214,200, a 13.5% gain from year-earlier levels. Prices in the summer typically represent the highest point of the year, since that's prime moving season for families that tend to buy larger, more expensive homes. Inventories rose 1.9% to 2.19 million homes available for sale, though that's 7.6% lower than a year. That represents 5.2 months of supply at current sales rates.