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Existing Home Sales Unexpectedly Drop 3.5% in July

Home Sales Sign Real Estate 04 FBN

 (Reuters)

U.S. existing-home sales unexpectedly dropped in July as cancellations of pending contracts continued to depress buying activity.

The National Association of Realtors said sales fell 3.5% month over month to an annual rate of 4.67 million units. June's sales were upwardly revised at a 4.84 million-unit rate.

Economists polled by Reuters had expected sales to rise 3.8% to a 4.90 million-unit pace. Compared to July 2010, sales were 21% higher.