Sales of existing homes fell a seasonally-adjusted 1.7% in June, Realtor.com reports.
Existing-home sales fell 1.7% to a seasonally adjusted annual pace of 5.27 million, the National Association of Realtors said Tuesday. Sales declined 2.2% compared with a year earlier, marking the 16th consecutive month of annual declines in sales.
The spring selling season is crucial because about 40% of the year’s sales take place in March through June. Falling sales during most of this period have puzzled economists. They struggle to explain why the housing market has remained soft while the rest of the economy has been booming.
Borrowing rates have fallen to their lowest levels in two years, wages are rising and unemployment is at a 50-year low.
“It doesn’t make economic sense,” said Lawrence Yun, the NAR’s chief economist.
