Existing home sales fell 1.2% month-over-month to an annualized rate of 5.08 million units.
Economists polled by Bloomberg were looking for a 1.5% month-over-month rise to an annualized rate of 5.26 million units.
May's number was revised down to reflect a 3.4% rise to 5.14 million units.
This is down from a previous reading of 4.2% rise to 5.18 million in May.
Housing inventory ticked higher rose 1.9% to 2.19 million, which represents a 5.2-month supply. This is up from 5 months' supply. Tight supply of housing had previously weighed on existing home sales.
Existing home sales account for a larger share of the market than new homes, so it will be interesting to see how these hold up as home prices continue to gain.
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