Existing-home sales in the United States resumed falling in June and the median price also dropped as inventories crept higher.

Separately, the number of U.S. workers filing new claims for unemployment benefits soared last week, matching a three-year high, suggesting no stabilization in sight for labor markets.

Home resales slid to a 4.86 million annual rate, a 2.6% decrease from May’s unrevised 4.99 million annual pace, the National Association of Realtors said Thursday. The median home price was US$215,100 in June, down 6.1% from US$229,000 in June 2007. The median price in May this year was US$207,900.

High inventories have exerted downward pressure on prices. Falling prices have kept would-be buyers from signing off on property as they wait for a better deal.

The June resales level of 4.86 million reported Thursday by NAR was below Wall Street expectations of a 4.95 million sales rate for previously owned homes. It was the lowest pace recorded since the first quarter of 1998, the NAR said.

Inventories of homes rose 0.2% at the end of June to 4.49 million available for sale, which represented a 11.1-month supply at the current sales pace. There was a 10.8-month supply at the end of May. Sales fell 6.6% in the Northeast, 3.4% in the Midwest, and 3.1% in the South. Sales rose 1.0% in the West.

Meanwhile, Initial claims for jobless benefits rose 34,000 to 406,000 after seasonal adjustments in the week ended July 19, the the U.S. Labour Department said today, matching the highest level since September 2005. Economists in a Dow Jones Newswires survey expected only a 14,000 rise.

The four-week average — which smooths out weekly volatility — rose by 4,500 to 382,500, a three-week high.