Freddie Mac

U.S. home sales fell in June; shoppers couldn't find houses to buy

U.S. home sales fell in June; shoppers couldn't find houses to buy

Homebuyers faced surging prices and a shrinking number of properties for sale in June — causing the pace of sales to fall.

Sales of existing homes slipped 1.8% last month to a seasonally adjusted annual rate of 5.52 million, the National Assn. of Realtors said Monday.

The decline speaks to a troubling cycle for a U.S. housing market hampered by a worsening shortage of properties to buy. Despite solid demand for houses in a relatively healthy economy, sales listings have been steadily declining for more than two years. The resulting shortage has caused prices to consistently rise faster than wage gains, making it harder for Americans to build up their net worth by becoming...

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