Home sales in the United States fell 0.6 percent this past June, marking the third month of this downward trend. Higher prices and a lack of inventory are the main culprits which have caused many would-be buyers to skip the home sales market altogether.
In a report released by the National Association of Realtors, homes sold last month at a seasonally adjusted annual pace of 5.38 million. Over the past year, home sales have fallen a total of 2.2 percent.
A lack of inventory in homes worth less than $250,000 is the main contributor to the fall in actual sales. However, the physical number of homes for sale rose this past June for the first time since 2015. This could be a sign of the inventory shortage bottoming out.
The decline of home sales less than $250,000 is a sign that the middle class and possibly first-time homebuyers are being priced out of the market. Such declines have been steady over the past year. On the other side of the market, home sales worth more than one million have surged 7.6%.
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