Sales of previously owned homes dropped in June, marking a slow start to summer for the housing market as prices hit an all-time high.

Sales of previously occupied U.S. homes slid in June to the slowest pace since last September as mortgage rates remained elevated and the national median sales price rose to an all-time high of $435,300.

U.S. existing home sales dropped to a nine-month low in June as higher mortgage rates and economic uncertainty keep potential buyers on the sidelines, pointing to a deepening housing market slump. The report from the National Association of Realtors on Wednesday added to weak single-family homebuilding last month in suggesting that residential investment,