US home sales see further decline

http://news.bbc.co.uk/go/rss/-/1/hi/business/6915936.stm

Version 0 of 1.

Sales of existing homes in the US during June fell to the slowest pace since November 2002, giving no sign of an end to the housing slump.

Sales fell 3.8% in June to a seasonally adjusted annual rate of 5.75 million homes.

Figures from the National Association of Realtors also showed that the median price paid for a home rose 0.3% compared with June 2006 to $230,100.

It is the first such increase in average prices for 11 months.

"The past few months have indicated that a bottom has not been reached, which is negative for the economy," said Richard Dekaser, chief economist at National City Corp in Cleveland.