U.S. existing home sales fell more than expected in June, industry data revealed Monday morning.
The National Association of Realtors said June existing home sales on a seasonally adjusted basis fell 1.2 percent to an annual rate of 5.08 million from a downwardly revised 5.14 million in May.
Despite the modest decline, the June rate was second-highest since November 2009, as buyers scrambled to lock in low interest rates that have been on the rise this summer.
Analysts were expecting existing home sales to rise to around 5.25 million.
Aspects of the NAR report show the housing market continued to improve. Listed inventory was 7.6 percent below a year ago, and the median price of a home was $214,200, a 13.5 percent gain from year-earlier levels.
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