Home sales sag in June

NAR: First-time homebuyers stymied by tight supplies of affordable homes

Tight supplies of affordable homes and restrictive mortgage underwriting practices are limiting the options for first-time homebuyers, the National Association of Realtors said in reporting a 5.4 percent drop in existing-home sales from May to June.

NAR estimates that single-family homes, townhomes, condominiums and co-ops sold at a seasonally adjusted annual rate of 4.37 million in June. That’s up 4.5 percent from the same time a year ago — the 12th straight month that sales have seen year-over-year gains.