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“Open House” Photographer: Ty Wright/Bloomberg

Sales of previously owned U.S. homes unexpectedly fell in June, indicating a shortage of affordable listings and rising prices continue to limit demand, a National Association of Realtors report showed Monday.

Contract closings fell 0.6% m/m to a 5.38m annual rate (est. 5.44m), a third straight decline, after a revised 5.41m (prev. 5.43m). Median sales price increased 5.2% y/y to a record $276,900 Inventory of available properties rose 0.5% y/y to 1.95m for first increase since mid-2015.

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