American home sales drop for third consecutive month

WASHINGTON — U.S. sales of existing homes fell 0.6 percent in June, the third straight monthly decline as higher prices and a relative lack of inventory has sidelined many would-be buyers.

The National Association of Realtors says homes sold last month at a seasonally adjusted annual pace of 5.38 million in May. Over the past year, home sales have tumbled 2.2 percent.

Many Americans searching for homes face prices that are climbing at roughly double the pace of wages. Sales of entry-level homes worth less than $250,000 have fallen amid a constrained inventory. Still, the number of homes for sale rose in June on annualized basis for the first time since the middle of 2015.

The median sales price in June increased 5.2 percent from a year ago to $276,900.

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