“Some 1.32 million homes were on the market at the end of June, and that’s a quarter of a million more than 12 months earlier,” Holden Lewis, dwelling and mortgage professional at NerdWallet, stated. “Each month, buyers have more inventory to choose from, and eventually this dynamic will keep house prices from rising so fast.”

Within the Northeast, existing-home gross sales declined 2.1 p.c between Could and June to an annual fee of 470,000, down 6 p.c from the earlier yr. Within the South, existing-home gross sales declined 5.9 p.c from Could to an annual fee of 1.76 million in June, down 6.9 p.c from the yr earlier than.

Present-home gross sales within the Midwest declined 8 p.c to an annual fee of 920,000 in June, down 6.1 p.c from a yr earlier than. Within the West, gross sales dropped 2.6 p.c to an annual fee of 740,000, equivalent to the yr prior.

“Homebuying is likely to remain a cornerstone of the American dream. However, relatively steady rent, at a level that is up more than 20 percent compared to five years ago, and rising home prices make it challenging for aspiring owners to break into the market,” Realtor.com Chief Economist Danielle Hale stated.

“An increase in new home construction, which would boost supply, and a reduction in the cost of borrowing, which we’ve started to see and expect to continue, should help improve conditions for buyers and thus the number of home sale transactions in the months ahead.”

E-mail Richelle Hammiel