Home sales fell in June to the slowest pace since January, limited by near-historic low inventory

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — Sales of previously occupied U.S. homes fell in June to the slowest pace since January, as a near-historic low number of homes for sale and rising mortgage rates kept many would-be homebuyers on the sidelines. The national median sales price fell on an annual basis for the fifth month in a row, though fierce competition led to a third of homes selling for more than their list price. Existing home sales fell 3.3% last month from May to a seasonally adjusted annual rate of 4.16 million, the National Association of Realtors said Thursday. Sales sank 18.9% compared with June last year. The national median sales price fell 0.9% from June last year to $410,200.