The National Association of Realtors is reporting that existing home sales dropped 1.8% in June to a seasonally adjusted annual rate of 5.52 million. The median existing-home price for all housing types in May was $263,800. Total housing inventory at the end of May declined 0.5% to 1.96 million existing homes available for sale, but is still 7.1% lower than one year ago and has fallen year-over-year for the past 25 consecutive months. Unsold inventory is sitting at a 4.3-month supply.
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