Sales of existing homes in the United States fell in June, and the median home price hit a record high

U.S. existing home sales fell more than expected in June as the median home price hit another all-time high, but improving supply and falling mortgage rates raised hopes that housing activity may rebound in the coming months. The total number of U.S. existing home sales in June fell 5.4 percent to an annualized 3.89 million, the lowest level since December, the National Association of Realtors reported Tuesday. Analysts expect home sales to slip to 4 million. Resale of homes, which make up a large portion of U.S. home sales, fell 5.4 percent in June from a year earlier. The median price of an existing home surged 4.1 percent from a year earlier to an all-time high of $426,900, the second straight month that the price hit an all-time high. "We are seeing a slow shift from a seller's market to a buyer's market," said Lawrence Yun, the association's chief economist. "Homes are staying on the market longer and sellers are receiving fewer offers."