WASHINGTON, July 20 (Reuters) - U.S. existing home sales dropped to a five month-low in June, depressed by a chronic shortage of houses on the market that slowed the pace of decline in annual house prices.
Existing home sales fell 3.3% in June to a seasonally adjusted annual rate of 4.16 million units, the lowest level since January, the National Association of Realtors said on Thursday.
Economists polled by Reuters had forecast home sales would drop to a rate of 4.20 million units.
The median existing house price fell 0.9% from a year earlier to $410,200, the second-highest price ever.
The median house price rose 3.5% from May.
Persons:
Freddie Mac, Lawrence Yun, Lucia Mutikani, Paul Simao
Organizations:
National Association of Realtors, Reuters, Federal, Thomson
Locations:
Midwest, West