U.S. Homes Sales Fall to Slowest Pace Since January

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Meantime, the latest home sales data shows a limited number of homes on the market led to a drop in sales in June, sales of previously owned homes fell last month to their slowest pace since January, they dropped 3.3% from May to a seasonally adjusted annual rate of 4.2 million according to the National Association of Realtors. While sales tanked nearly 19% from June of last year with the median sales price down about 1% to 410,200 near historic low inventory and high mortgage rates are keeping would be buyers on the sidelines. In fact, those looking for a new home in some cases are turning to new builds because of such small inventory for existing homes.