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Housing markets that just two years ago struggled with a glut of homes are now facing a new problem: There are fewer properties to lure buyers.

Sales of previously owned homes fell 5.4% in June from May to a seasonally adjusted annual rate of 4.37 million, the National Association of Realtors said Thursday. While above the sales level of a year ago, the number nonetheless disappointed analysts because other recent housing indicators have signaled stronger improvement. The housing market is “back on track” but there will be “bumps on the road,” said Patrick Newport, an economist at IHS Global Insight.

Some economists and the Realtors’ group attributed last month’s decline to a sharp drop in the number of homes on the market, leaving would-be buyers with less to choose from.

Inventories of single-family homes fell to 2.12 million in June, down 3% from May and 24% from one year ago. That is the largest annual drop in at least 30 years, leaving inventories at roughly the historic levels that preceded the housing bubble of the past decade.

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