Home sales fall again in July, as supply drops to near quarter-century low

Sales of previously owned homes dropped 2.2% in July from June to a seasonally adjusted, annualized rate of 4.07 million units, according to the National Association of Realtors.

Sales were 16.6% lower compared with July of last year. Homes sold at the slowest July pace since 2010.

This count is for closings, so contracts were likely signed in May and June, when mortgage rates went from around 6.5% to well over 7%.

Sales fell month to month in all regions except the West, where they rose 2.7%. Sales dropped the...