Sales of previously owned US homes fell in June to a nine-month low as potential buyers continued to bristle at record prices and high borrowing costs.

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U.S. existing home sales dropped to a nine-month low in June as higher mortgage rates and economic uncertainty keep potential buyers on the sidelines, pointing to a deepening housing market slump.

Existing-home sales declined 2.7% in June as prices hit record highs, according to the National Association of Realtors.