Existing Home Sales Decline 1.2% in June

Existing home sales fell 1.2% in June due to lack of supply, the National Association of Realtors said Monday.

Sales fell to an annual rate of 5.08 million, following May’s 5.14 million rate that was lower than originally reported.

The June level was lower than economists’ median forecast of a 5.26 million rate, Bloomberg News reported.

The rate declined in part as home prices rose, with fewer homes available for under $100,000 for first-time buyers, Bloomberg reported.