Home sales dropped to a 14-year-low in June, thanks to the shortage in inventory plaguing the housing market.
. The supply of available homes stayed relatively flat in June at 1.08 million units – but that's still 14% lower than the available supply recorded a year ago. "There are simply not enough homes for sale," NAR chief economist Lawrence Yun said in a statement on Thursday."The market can easily absorb a doubling of inventory.", as demand still outpaces the supply of available homes even as buyers deal with affordability issues stemming from rising mortgage rates. Existing home prices rose to $410,200 in June, just 1% lower than the all-time-high of $413,800 in June of last year.
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