Positive existing-home sales trends continued their reversals in June, falling for the fifth straight month, according to National Association of Realtors.
Sales were down 5.4% from May and 14.2% from one year ago.
It figures to get worse, according to Bill McBride of the Calculated Risk blog, who shared in a post that existing home sales are reported when the transaction closes. Sales in June were mostly for contracts signed in April and May. Recent data shows a significant slowdown in activity starting in May and decelerating further in June.
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