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US Existing-Home Sales Drop a Fifth Month to a Two-Year Low

  • Contract closings fell 5.4% in June, more than forecast
  • Median selling price rose to a fresh record of $416,000
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US Economy Damping Real Estate Market More Than Rates: Douglas Elliman's Lorber
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Sales of previously owned US homes fell in June to a two-year low as a surge in borrowing costs continues to erode affordability.

Contract closings fell 5.4% from May to an annualized 5.12 million, figures from the National Association of Realtors showed Wednesday. The median estimate called for 5.35 million in a Bloomberg survey of economists.