WASHINGTON — Existing home sales fell 1.2% to a seasonally adjusted 5.08 million-unit rate in June from a revised 5.14 million pace the previous month, the National Association of Realtors announced Monday.
The June sales rate was weaker than the median estimate of economists polled by Thomson Reuters, who predicted a 5.25 million rate.
The rate is a 15.2% increase from June 2012. The sales rate has now been above the previous year levels for two years, NAR Chief Economist Lawrence Yun said.
Sales decreased 1.6% in the Northeast, 1.5% in the South and 1.6% in the West. Sales remained unchanged in the Midwest.
The median sales price stood at $214,200 in June, a 5.47% gain from the previous month and a 13.5% increase from a year ago.
Housing inventory levels rose 1.9% from the previous month to 2.19 million existing homes, representing a 5.2-month supply at the current pace. Inventory was down 8% from the June 2012 level, when it was a 6.4-month supply.