Monthly existing home sales in the U.S. dropped in June, but sales remain far above where they were a year ago and near a three-and-a-half year high, the National Association of Realtors said today.
Despite the dip, sales were still up 15.2 percent from last year.
Lawrence Yun, NAR chief economist, said the housing outlook still remains positive.
"Affordability conditions remain favorable in most of the country, and we're still dealing with a large pent-up demand," he said.
The NAR said rising mortgage rates slowed sales of higher-priced homes, especially in high-cost areas like California and New York
Mortgage rates are the highest since October 2011, the NAR said.
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