U.S. existing home sales fell by 5.4% to an annualized 4.37 million unit rate in June, which was weaker than the 4.62 million units expected by consensus though it comes after May was upwardly revised to 4.62 million units from 4.55 million units previously. Single family sales dropped by 5.1% to a 3.9 million unit rate, while condo/coops fell by an even larger 7.8% to 470,000 units in June. Inventory of unsold homes fell another 3.2% to 2.39 million units in June, pushing up the months’ supply of unsold home to 6.6 months from 6.4 months in May. The weaker than expected report will likely add to market worries that the U.S. housing recovery is losing steam.
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