Home Sales Tumble as Prices Surge to Record High

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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