Rising mortgage rates cool housing market

07/22/2013 | CNNMoney

(Tim Boyle/Getty Images)

Higher mortgage interest rates are blamed for a dip in the sales of existing homes in June. The National Association of Realtors released the monthly figures today, showing that sales dropped 1% from May, but sales are up 15% from June of last year. "Inventory conditions will continue to broadly favor sellers and contribute to above-normal price growth," said the association's chief economist, Lawrence Yun.

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