After making gains in May, existing home sales fell 1.7% in June to a seasonally adjusted annual rate of 5.27 million, according to the National Association of Realtors (NAR).
Year-over-year sales are down 2.2%.
The sales rate was brought down by declines in the South and West, where sales fell 3.4% and 3.5%, respectively. The Northeast and Midwest had increases of 1.5% and 1.6%, respectively.
NAR Chief Economist Lawrence Yun stated that the nation is in the midst of a housing shortage.
“Imbalance persists for mid-to-lower-priced homes with solid demand and insufficient supply, which is consequently pushing up home prices,” Yun said.
The median existing home price jumped 4.3% year-over-year to $285,700.
The full NAR report can be found here.
Read Next
