US Existing-Home Sales Fall to Nine-Month Low on Record Prices

Sales of previously owned US homes fell in June to a nine-month low as potential buyers continued to bristle at record prices and high borrowing costs.

Contract closings decreased 2.7% in June to an annualized rate of 3.93 million, a report from the National Association of Realtors showed Wednesday. Economists surveyed by Bloomberg expected a 4 million sales rate.