Home Sales on Pace for Worst Year Since Housing Bust

existing home sales
existing home sales

WASHINGTON -- Fewer people bought previously occupied homes in June, putting this year on pace to be the worst for sales since the housing bust.

Home sales fell 0.8 percent last month to a seasonally adjusted annual rate of 4.77 million homes, the National Association of Realtors said Wednesday. That's far below the 6 million homes per year that economists say represents a healthy housing market.

Through the first six months of this year, the sales pace is behind last year's 4.91 million homes sold -- the weakest sales in 13 years. Sales have fallen in four of the past five years.