Drop in June Home Sales Far Steeper Than Expected

San Jose Mercury News (CA) (07/25/08) ; Crutsinger, Martin
The National Association of Realtors (NAR) reports that existing-home sales slipped 2.6 percent in June to an annual pace of 4.86 million, a more than 10-year low. The month-to-month decrease exceeded analysts' expectations of a 1-percent decline. Year-over-year, resales were down 15.5 percent, and the median price slid 6.1 percent over the 12-month period to $215,100. Meanwhile, NAR reports a 0.2-percent jump in inventory to 4.49 million, or an 11.1-month supply.