Existing home sales slowed in June

NEW YORK (CNNMoney.com) - Sales of existing homes slowed more than expected in June while inventory increased, according to an industry trade group reading of the housing market released Thursday.

The National Association of Realtors reported that sales by homeowners dipped in June to an annual pace of 4.86 million, down 2.6 percent from a pace of 4.99 million in May.

The existing home sales rate - including single-family, townhomes, condominiums and co-ops - was 15.5 percent below the 5.75 million units sold in June 2007.

–By CNNMoney.com's Catherine Clifford