Economics
U.S. Previously Owned Home Sales Decline More Than Forecast
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Sales of previously owned U.S. homes declined in June, missing estimates in the latest sign of weakness for the housing market as a limited supply of low- to mid-priced properties continued to restrain demand.
Contract closings dropped to 5.27 million annual rate, down 1.7% from May’s upwardly revised pace, the National Association of Realtors said Tuesday. Economists surveyed by Bloomberg projected a 5.32 million pace. The median sales price rose 4.3% from a year earlier to $285,700.