Sales of previously owned homes declined more than expected in June, as elevated mortgage rates continued to suppress buyer activity despite rising inventory levels.
Existing-home sales fell 2.7 percent from May, dropping to a seasonally adjusted annual rate of 3.93 million, the National Association of Realtors said Tuesday. That marked one of the weakest monthly readings in more than a decade and was below economists’ forecasts for a smaller 0.7 percent decline. Compared with a year earlier, sales were unchanged.
The repor captures deals that were typically agreed to in April and May—periods when the average rate on a 30-year fixed mortgage…
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