Sales of previously owned homes dropped 5.4% in June compared with May, to 3.89 million units on a seasonally adjusted, annualized basis, according to the National Association of Realtors. Sales were also 5.4% lower than June of last year. This is the slowest sales pace since December. These are closed sales, so based on contracts signed mostly in April and May, when the average rate on the 30-year fixed mortgage jumped above 7%. Rates have pulled back slightly since then, to the high 6% range. “We’re seeing a slow shift from a seller’s market to a buyer’s market,” said Lawrence Yun, chief economist for the Realtors. “Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.” Inventory jumped 23.4% from a year ago to 1.32 million units…
