Existing Home Sales Drop in June

Sales fell to an annual rate of 4.37 million-unit annual rate from a revised 4.62 million in May, the group said.

The level was below economists’ forecasts of a 4.62 million rate, Bloomberg reported.

Sales of single-family homes fell 5.1 % to an annual rate of 3.9 million, the slowest this year, while multifamily units fell 7.8%, to a 470,000 pace.