WASHINGTON, July 23 (Xinhua) -- Sales of U.S. homes that were previously owned decreased 2.7 percent in June from the previous month, according to data released Wednesday by the National Association of Realtors (NAR).
Sales dropped to 3.93 million units last month, according to the data.
"High mortgage rates are causing home sales to remain stuck at cyclical lows," said NAR Chief Economist Lawrence Yun. "If the average mortgage rates were to decline to 6 percent, our scenario analysis suggests an additional 160,000 renters becoming first-time homeowners and elevated sales activity from existing homeowners."
Interest rates in the country remain high, making it comparatively expensive for people to purchase homes.
