Home Sales Hit 10-Year Low, Almost A Year's Worth of Supply Now Exists

Sales of existing homes hit a new 10-year low in June.

The National Association of Realtors reported that sales dropped by 2.6 percent last month to a seasonally adjusted annual rate of 4.86 million units.

The decline left sales 15.5 percent below where they were a year ago.

The downward slide in sales depressed prices, too. The median price for a home sold in June dropped to $215,100, down by 6.1 percent from a year ago. That was the fifth largest year-over-year price drop on record.

The drop in sales pushed inventories of unsold single-family homes and condominiums to 4.49 million units, up by 0.2 percent.

That represented a 11.1 month supply at the June sales pace, the second highest level in the past 24 years.