Existing Home Sales Under Pressure

CNN Money details:

The National Association of Realtors reported that existing home sales fell last month to a seasonally adjusted annual rate of 5.37 million units, down from 5.66 million in May. Sales year-over-year were up 9.8%.
Analysts had expected existing home sales to fall to an annual rate of 5.09 million units, according to consensus estimates from Briefing.com.
June sales still reflect the impact of a popular $8,000 tax credit, which is due to expire in September after Congress extended the June 30 closing deadline.

Looking at the details we see the pace in the year over year increase has slowed (with no growth in the west).

The breakdown of sales by price range is also interesting. We see relative strength in the Northeast and it looks like much of the rebound has occurred in the upper tier markets, which most likely has participants that still have access to credit (I should also note that some of this is due to the decline in distressed sales).