Total existing home sales declined 5.4% to a seasonally adjusted annual rate of 4.37 million in June from 4.62 million the month before. Existing sales in June were 4.5% higher than the 4.18 million units sold a year earlier.
The month of June was somewhat of a challenge for first-time homebuyers looking to jump back into the market, pushing existing home prices higher. These same buyers created a strange dichotomy in the market, with many of them finding it difficult to locate affordable homes in the property inventory.
This lack of viable options stymied overall home sales growth in June, the National Association of Realtors said Thursday. At the same time, pent-up demand and lower levels of inventory bouyed prices.