US existing home sales hit 2-year low in June

By Tuba Sahin

ANKARA (AA) - Existing home sales in the US fell to a 2-year low, reaching 5.12 million in June, National Association of Realtors (NAR) data showed Wednesday.

The figure showing the change in the number of existing residential buildings sold was down for the fifth month in a row as sales fell 5.4% from May and 14.2% a year ago. It came weaker than forecasts of 5.38 million for the month.

"Falling housing affordability continues to take a toll on potential home buyers," said NAR Chief Economist Lawrence Yun.

Yun cited the sharp hike in a short span in mortgage rates and home prices.

The median existing-home sale price jumped to $416,000, up 13.4% from the same month last year, according to NAR.