Existing home sales fell for the third consecutive month In June to a seasonally adjusted annual rate of 5.38 million, a 0.6 percent drop compared with 5.41 million in May, according to the National Association of Realtors.
The housing shortage was once again cited for the decline.
“What is for sale in most areas is going under contract very fast and in many cases, has multiple offers,” NAR Chief Economist Lawrence Yun said in statement. “This dynamic is keeping home price growth elevated, pricing out would-be buyers and ultimately slowing sales.”
The median existing home price for all housing types in June was $276,900, surpassing May as the new all-time high, according to NAR, and up 5.2 percent compared with June 2017.
Existing home sales in the Northeast increased 5.9 percent in June as sales in the Midwest increased 0.8 percent. The South decreased 2.2 percent and the West declined 2.6 percent.
