Sales of existing homes fell for the fourth straight month in June, edging down to a dispiriting 5.75 million annual pace, the National Association of Realtors said on Wednesday.

June's sales rate was off 3.8 percent from May's revised 5.98 million units, originally estimated at 5.99 million.  Economists were looking for a pace of 5.88 million in June, Reuters reports.

Home resales last month were at their slowest pace since November 2002, down a full 11.4 percent from a 6.49 million unit rate in June 2006.

"Although general buying conditions remain favorable for long-term home buyers, it appears some buyers are looking for more signs of stability before they have enough confidence to make an offer," said N.A.R. economist Lawrence Yun.

Wednesday's weak housing numbers will not be well received by an already soured market. Countrywide Financial, the nation's biggest mortgage lender, cut its profit forecast on Tuesday amid mortgage default worries extending into the prime lending sector.

Lender Freddie Mac says the national average commitment rate for a 30-year, fixed-rate mortgage was 6.66 percent in June, up from 6.26 percent in May, but below the 6.68 percent rate in June 2006.

 "Two bright spots in the June report are a decline in housing inventory and a modest gain in home prices," Yun said.

The national median existing-home price was $230,100 in June, up 0.3 percent from the same time last year.  That was the first year-over-year price increase in 11 months.

Total inventory of homes fell 4.2 percent at the end of June to 4.20 million existing homes up for sale, an 8.8-month supply at the current pace.