Sales of existing homes slipped in June to a seven-month low, the National Association of Realtors reported yesterday. Sales of single-family existing homes fell 0.8 percent, the third consecutive monthly drop, to a seasonally adjusted annual rate of 4.77 million from 4.81 million in May.
Compared with June 2010, sales fell 8.8 percent.
The real estate trade group attributed the surprise downturn to a weak economy and a spike in cancellations.The cancellation rate rose to 16 percent in June from 4 percent in May.
As housing sales are decreasing, it puts a downward pressure on housing prices. That means it's hard to sell and takes a long time to have your house sold.
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