U.S. Home Sales Fell In June As Prices Reach New Heights

Existing home sales fell 5.4% last month compared to May as the national median home price jumped 13.4% from a year earlier to $416,000.

Sales of previously occupied U.S. homes slowed for the fifth consecutive month in June as higher mortgage rates and rising prices kept many home hunters on the sidelines.

Existing home sales fell 5.4% last month from May to a seasonally adjusted annual rate of 5.12 million, the National Association of Realtors said Wednesday.

That’s lower than what economists were expecting, according to FactSet. Sales fell 14.2% from June last year.