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U.S. June existing home sales drop, cancellations up

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Sales of previously owned U.S. homes unexpectedly fell in June to touch a seven-month low as cancellations of pending contracts surged, an industry group said Wednesday.
    
The National Association of Realtors said sales fell 0.8 percent month over month to an annual rate of 4.77 million units, the lowest since November. May's sales were unrevised at a 4.81 million-unit rate.
    
Economists polled by Reuters had expected sales to rise 2.9 percent to a 4.90 million-unit pace. In the 12 months to June, sales dropped 8.8 percent.
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