U.S. existing-home sales at slowest pace in over two years

​​​​WASHINGTON – Existing-home sales fell for the fourth straight month to their slowest pace in over two years, according to the National Association of Realtors (NAR). 

Total existing-home sales fell to a seasonally adjusted annual rate of 5.34 million in July, down 0.7 percent from 5.38 million in June. Sales are now 1.5 percent ​below a year ago and have fallen on an annual basis for five straight months. 

"Too many would-be buyers are either being priced out or have ​​decided to postpone their search until more homes in their price range come onto the market," said NAR Chief Economist Lawrence Yun.

More statistics from the report:

• The median existing-home price for all housing types was $269,600, up 4.5 percent from July 2017 ($258,100). This marks the 77th straight month of year-over-year gains. 

• Inventory fell 0.5 percent to 1.92 million existing homes for sale.

• Unsold inventory is at a 4.3-month supply. 

• Properties stayed on the market for 27 days last month, up from 26 in June but down from 30 a year ago. In July, 55 percent of homes sold were​ ​on the market for less than a month. 

• First-time buyers were 32 percent of sales in July, up from 31 percent in June but down from 33 percent a year ago.