US existing homes sales fall to a two-year low as prices hit record high

Sales of previously owned US homes fell in June to a two-year low as a surge in borrowing costs continues to erode affordability.
 

Contract closings fell 5.4% from May to an annualized 5.12 million, figures from the National Association of Realtors showed Wednesday. The median estimate called for 5.35 million in a Bloomberg survey of economists.

The latest decline in sales marks the fifth straight -- the worst streak since 2013 -- and it’s likely to deepen further. The Federal Reserve is aggressively increasing interest rates to combat inflation, a pivot that’s chilled the broader housing market. 

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