US home sales drop 5.4 pct., fewest since October
US sales of previously occupied homes drop 5.4 percent to 4.37 million, lowest since October.
Associated PressBy Christopher s. Rugaber, AP Economics Writer | Associated Press – 4 hours ago
WASHINGTON (AP) — Americans bought fewer homes in June than May, indicating the weak economy could make a modest housing recovery choppy.
The National Association of Realtors said Thursday that sales of previously occupied homes fell 5.4 percent in June to a seasonally adjusted annual rate of 4.37 million homes. That’s the fewest since October.
Sales are up 4.5 percent from a year ago, evidence that the market is still recovering. But the annual sales pace is below the 6 million that economists consider healthy.
The June drop in completed re-sales contrasts with more encouraging data that show gains in new residential construction, higher builder confidence and more signed contracts to buy previously owned homes.
“It is only one month and the rest of the housing indicators have all continued to show improvement,” said Jennifer Lee, senior economist at BMO Capital Markets. “Let’s hope this June decline is a blip.”
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