WASHINGTON - U.S. sales of previously occupied homes dipped to a seasonally adjusted annual rate of 5.08 million in June but remain near a 3½-year high.
The National Association of Realtors says sales dipped last month from an annual rate of 5.14 million in May. The NAR revised down May's sales, but they were still the highest since November 2009.
Despite last month's dip, sales are up 15.2% from a year ago. Home sales have recovered since early last year, buoyed by job gains and low mortgage rates. But mortgage rates have surged in recent weeks over concern that the Federal Reserve could slow its bond-buying programs this year.
According to the NAR, Higher mortgage rates slowed sales of higher-priced homes in states such as California and New York.