Existing Home Sales Fall 5.1%, Prices Rise

Sales of previously occupied homes fell in June and are expected to keep sinking, indicating that the housing market’s troubles are likely to drag on the economic recovery.

The National Association of Realtors says last month’s sales fell 5.1 percent to a seasonally adjusted annual rate of 5.37 million. Economists polled by Thomson Reuters had expected sales of 5.18 million.

The report counts home sales once a deal closes. It still captures some buyers receiving federal tax credits that boosted sales this year. Buyers initially needed to close their purchases by June 30, but Congress pushed back that deadline until the end of September.

The median sale price was $183,700, up 1 percent from a year earlier.

ALAN ZIBEL, AP Real Estate Writer WASHINGTON