Beginning this week and lasting through June 30, Walmart is lowering the price of the iPhone 4 by more than $50 in stores around the country.

The iPhone 4 normally retails at Walmart for $199 with a two-year contract. For the month of June, the phone will be on sale for $147. This price drop will apply to the 16Gb iPhone 4 in both black and white models. Customers can take advantage of the sale price on both AT&T and Verizon, but they must sign a new two year contract to get the lower price. The sale is not available on the website where the iPhone 4 is currently listed as out of stock.

The AT&T version of the iPhone 4 can be found at more than 2200 Walmart locations in the U.S. while the Verizon version is available at more than 600 stores. Walmart is planning to increase the availability of the phones throughout their sale.