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Sales of existing homes fell 1.7 percent in June to a 5.27-million seasonally adjusted annual rate. Sales are down 2.2 percent from a year ago and appear to be trending roughly flat in the 5,000 to 5,500 range (see chart). Sales declined in the two larger regions but rose in the two smaller regions: sales were off 3.4 percent in the South (the largest region by volume) and were 0.4 percent below the year-ago level; sales declined 3.5 percent in the West, putting sales 5.2 percent below year-ago levels; sales rose 1.6