U.S. homes sales drop to 14-year low in June

NEW YORK, July 20 (Xinhua) -- U.S. home sales dropped to a 14-year-low in June as the shortage of supply choked the housing market.

Existing home sales fell 3.3 percent in June from May, running at a seasonally adjusted annual rate of 4.16 million units, the National Association of Realtors (NAR) said in a report on Thursday.

It was a 18.9 percent decline from a year ago, marking the slowest sales pace fo