Existing home sales fell in June for the fourth month in a row as median sales prices hit record levels, bad news for the housing market and the broader economy.

Existing home sales in June fell a notable 5.4% to a seasonally adjusted annual rate of 3.89 million, the National Association of Realtors reported on Tuesday, as higher mortgage rates and home prices priced out many would-be buyers and led many homeowners to avoid selling and having to reenter the home loan market.