US home sales fall 1.7% with prices high and supply low

U.S. home sales are down 2.2% in the year ended in June, with rising prices and a scarce supply locking out many Americans from ownership.
The National Association of Realtors said Tuesday that homes were sold last month at a seasonally adjusted annualized rate of 5.27 million units. Sales have shriveled 2.2% over the past 12 months, despite such positive trends as a robust job market and falling mortgage rates.
But home prices have been climbing faster than incomes for the past seven years. Thi