Pace of US home sales in July reached lowest level of 2017

WASHINGTON (AP) — Americans retreated from buying homes in July as sales sank 1.3 percent to their lowest level of the year.

The National Association of Realtors says sales of existing homes slipped last month to a seasonally adjusted annual rate of 5.44 million. Despite the monthly decline, sales are 2.1 percent higher than they were a year ago. The year-over-year gains show that demand remains relatively strong. But fewer homes are coming onto the market, and the shortage is depressing sales levels.

The number of existing homes listed for sale has plunged 9 percent over the past 12 months to 1.92 million. That steep drop in supply has led to prices climbing faster than buyers’ wages.

The median sales price has risen 6.2 percent from a year ago to $258,300.