June home sales drop as prices hit a record high

Existing home sales in June dropped 2.7% month-to-month to a seasonally adjusted annualized rate of 3.93% million units. That's a miss. The street was looking for essentially flat sales unchanged year-over-year.Now, this report is based on closing. So, contracts likely signed in April and May when the average on the 30-year fix jumped over 7% a few times and never really went below 6.8%. Now, on supply, there were 1.53% million units for sale at the end of June.That's up 15.9% from June of last year, repres ...