For the third month in a row, the sale of pre-owned residential properties has moved lower, and the drop was again blamed on a tight supply. The West took the biggest hit.

Existing U.S. sales of single-family homes, town homes, condominiums and co-operatives came to 570,000 housing units in June, bringing the first-half 2018 total to 2.631 million.

Applying adjustments for seasonal variations, the annual rate of existing home sales was 5.38 million last month. Sales slipped less than a percent versus the downwardly revised level the prior month.

Source: Mortgage Daily