US home sales see further decline

The housing slump has unsettled US stock markets

Sales of existing homes in the US during June fell to the slowest pace since November 2002, giving no sign of an end to the housing slump.

Sales fell 3.8% in June to a seasonally adjusted annual rate of 5.75 million homes.

Figures from the National Association of Realtors also showed that the median price paid for a home rose 0.3% compared with June 2006 to $230,100.

It is the first such increase in average prices for 11 months.

"The past few months have indicated that a bottom has not been reached, which is negative for the economy," said Richard Dekaser, chief economist at National City Corp in Cleveland.