With fewer first-time buyers, home sales drop - KWWL - Eastern Iowa Breaking News, Weather, Closings

With fewer first-time buyers, home sales drop

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WASHINGTON, D.C. (KWWL) -

Fewer people bought existing homes in June, putting this year on pace to be the worst for sales since the housing bust.

The National Association of Realtors says home sales fell 0.8 percent last month to a seasonally adjusted annual rate of 4.77 million homes.  Economists say that's far below the 6 million homes per year that must be sold to sustain a healthy housing market.

After six months, sales are on pace to finish behind last year's 4.91 million homes sold -- the weakest sales in 13 years.  Sales have fallen in four of the past five years.

The Realtors' group said a record number of people who signed contracts canceled deals last month.  And first-time buyers are falling to a smaller share of the market.

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