Home Resales Decline in June

Washington, DC, July 20, 2011 -- Sales of previously owned homes fell in June, putting this year on pace to be the worst for sales since the housing bust, according to the National Association of Realtors.

The trade group said home sales fell 0.8 percent last month to a seasonally adjusted annual rate of 4.77 million homes.

After six months, sales are on pace to finish 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.

NAR said a record number of people who signed contracts canceled deals last month. And first-time buyers are falling to a smaller share of the market.