Existing home sales fall for fifth straight month as recession fears rise

Sales of existing homes tumbled last month for the fifth month in a row in June as housing became less affordable across the country.

Existing-home sales declined by 5.4% in June to a seasonally adjusted annual rate of 5.12 million, according to a report by the National Association of Realtors released Wednesday. Sales were down a hefty 14.2% from a year ago.

Despite that, the NAR said the median existing-home sales price rose to $416,000, up 13.4% for the 12 months ending in June. The hike marks 124 consecutive months of year-over-year price increases, the longest recorded streak.

“Falling housing affordability continues to take a toll on potential home buyers,” said NAR Chief Economist Lawrence Yun. “Both mortgage rates and home prices have risen too sharply in a short span of time.”