The National Association of Realtors reported that US existing home sales fell 2.4% month-on-month in June to 4.09 million units, defying expectations for an increase. Single-family home sales dropped 2.4%, a sharp reversal from the 4.1% gain in May. The median price rose 1.8% year-on-year to 440,600 dollars, accelerating from the prior pace. Persistently high mortgage rates are weighing on demand and are expected to be a drag on the US economy. Minutes from the Federal Reserve revealed that some participants at the June Federal Open Market Committee meeting argued for a rate hike, while New York Fed President Williams expressed concern about rising inflation risks.