Sales of Existing homes stumbled after hitting a three and half year high in May.
The number of sales dipped 1.2% to an annual rate of 5.08 million in June from a downwardly revised 5.14 million in May, according to the National Association of Realtors.
RISING MORTGAGE RATES may have taken some of the steam out of the market. A lack of inventory is also holding sales back.
THE HOME BIDDING WARS ARE BACK. Indeed the median home price jumped 13.5% from June 2012, to $214,200, posting the 16th consecutive month of gains.
NEW HOME SALES HIT FIVE-YEAR HIGH. Distressed properties generally sell at substantial discounts to conventional homes.