Existing-home sales in the United States took a tumble in June to their lowest level in nearly five years, a new report on the housing sector showed today.

Home resales fell to a 5.75 million annual rate, a 3.8% decrease from May’s revised 5.98 million annual pace, the National Association of Realtors said. May’s rate was originally estimated at 5.99 million.

NAR economist Lawrence Yun cited rising mortgage rates and tightening lending standards. “Home buyers have been getting mixed signals about the housing market, which is causing some of them to hesitate,” Yun said in a release.

The June resales level was below Wall Street expectations of a 5.87 million sales rate for previously owned homes. The 5.75-million resales level was the lowest since 5.73 million in November 2002.

But on a bright note, the median home price of US$230,100 in June was up 0.3% from US$229,300 in June 2006 for the first year-over-year increase in 11 months. The median price in May this year was US$222,700.

In addition, inventories of homes fell 4.2% at the end of June to 4.20 million available for sale, which represented a 8.8-month supply at the current sales pace. There was a 8.8-month supply at the end of May, revised from a previously estimated 8.9 months.

Existing-home sales dropped in all four regions of the U.S. Sales declined 2.8% in the Midwest, 7.3% in the Northeast, 6.8% in the West, and 1.7% in the South.