Sales of previously owned homes slipped 1.7 percent in June, reflecting ongoing weakness in the U.S. housing market despite a sharp drop in mortgage rates. Existing-home sales sold at a 5.27 million annual pace last month, down from 5.36 million in May, the National Association of Realtors said yesterday.
A 30-year fixed-rate mortgage averaged 3.8 percent in June vs. almost 5 percent last November. But even after that big drop in mortgage rates, sales of previously owned homes are 2.2 percent lower than a year ago.
On the other hand, the median selling price in June rose 4.3 percent to $285,700 from a year earlier. That means that home prices have now risen in every month for more than seven years.
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