Existing-home sales fall 1.2% in June

WASHINGTON (MarketWatch)
The National Association of Realtors said June existing-home sales on a seasonally adjusted basis fell 1.2% to an annual rate of 5.08 million -- the second-highest rate since November 2009 -- from a downwardly revised 5.14 million
Economists polled by MarketWatch expected a 5.28 million rate after the NAR initially reported a 5.18 million rate in May
The median price of a home was $214,200, a 13.5% gain from year-earlier levels
Prices in the summer typically represent the highest point of the year, since that's prime moving season for families who tend to buy larger, more expensive homes
Inventories rose 1.9% to 2.19 million homes available for sale, though that's 7.6% lower than a year ago
That represents 5.2 months of supply at current sales rates