2018-07-23 —

With fewer homes available for purchase, there's little path up for sales. June marked the third consecutive month in which sales declined. It was the lowest selling rate since January, and was 2.2% lower than a year ago


With such lean inventory, prices are getting bid up. The median price of a home sold in June was $276,900, a fresh all-time high, and 5.2% higher than in June 2017. Higher prices--along with somewhat higher mortgage rates--are handicapping less aggressive buyers. First-timers made up 31% of all transactions in June, roughly the same level they've been stuck at throughout the recovery, and well below the 40% share they generally enjoyed before the housing crisis a decade ago.

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