Having ticked up 1.1 percent in May, the pace of existing-home sales in the U.S. slipped 1.8 percent to a seasonally adjusted annual rate of 5.52 million transactions in June, which is still 0.7 percent above the pace at the same time last year but the second slowest pace in 2017.

At the same time, the median price of the homes that traded hands in June hit an all-time high of $263,800, which is 6.5 percent higher than at the same time last year ($247,600) while the inventory of existing homes on the market held at 1.96 million but remains 7.1 percent lower on a year-over-year basis.

Out West, the pace of existing-home sales slipped 0.8 percent in June to an annual rate of 1.21 million sales, which is 2.5 percent higher versus the same time last year with a median sale price of $378,100 (up 7.4 percent over the past year).

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