Existing home sales fell by 40,000 in June, a 0.8-percent decrease from sales recorded in May and 8.8 percent lower than June 2010, according to the National Association of Realtors.
The Northeast and western regions of the country led the decline, which was caused by an unexpected spike in contract cancellations.
Though reasons for the 4-percent spike are not entirely clear, the association cited tight credit standards and low appraisals as possible factors.
Despite the year-over-year dip in sales, median home prices were up slightly across the country at $184,300, an increase of 0.8 percent.
