Existing Home Sales Fall 2.6 Percent in June

July 24, 2008 7:19:55 AM PDT
Realtors group says sales of existing homes fell more sharply than expected in June as the housing industry continued to be bruised by the worst slump in more than two decades. The National Association of Realtors reported Thursday that sales dropped by 2.6 percent last month to a seasonally adjusted annual rate of 4.86 million units. That's more than double the expected decline. It leaves sales 15.5 percent below where they were a year ago.

The downward slide in sales is depressing prices, too. The median price for a home sold in June has dropped to $215,100, down by 6.1 percent from a year ago. That was the fifth largest year-over-year price drop on record.