• Sales of existing homes in June were at an annual rate of 4.37 million, compared with a May pace of 4.62 million and thus down 5.4%.
• However, prices for the category – which includes single-family homes, townhomes, condominiums and co-ops – averaged $189,400 in June. That was 7.9% more than a year ago.
• Part of the reason for higher prices is that distressed homes held at 25% of June sales, the same as May and down from 30% in June 2011.

From the article:

Existing-home prices continued to show gains but sales fell in June with tight supplies of affordable homes limiting first-time buyers, according to the National Association of Realtors®.