U.S. existing home sales dropped to a nine-month low in June as higher mortgage rates and economic uncertainty keep potential buyers on the sidelines, pointing to a deepening housing market slump. The report from the National Association of Realtors on Wednesday added to weak single-family homebuilding last month in suggesting that residential investment,

High levels of inventory have put power in the hands of buyers, but economic uncertainties are making them reluctant to close the deal.

Sales of previously occupied U.S. homes slid in June to the slowest pace since last September as mortgage rates remained elevated and national median sales prices hit unprecedented levels

Sales of new U.S. single-family homes increased less than expected in June amid higher mortgage rates, pushing inventory to levels last seen in late 2007, which could keep homebuilding subdued.

The key spring-selling season failed to deliver, making a housing-market recovery unlikely this year.

Home Sales Fall as Prices Hit Record High. Mortgage Rates Are Keeping the Market Stuck. Existing-home sales fell to the lowest level since September while sale prices climbed to a record high. Mortgage rates need to drop for sales to meaningfully pick back up, one economist says.