US Existing-Home Sales Fall 2.7% in June, Market Shows Signs of Cooling

According to the National Association of Realtors' chief economist, Lawrence Yun, multiple years of undersupply are driving the record-high home prices, and home construction continues to lag population growth.

The U.S. housing market showed signs of stagnation in June, with existing-home sales falling 2.7% month-over-month and remaining unchanged from a year earlier at an annual pace of 3.93 million units, according to data from the National Association of Realtors (NAR).

"Multiple years of undersupply are driving the record high home price. Home construction continues to lag population growth," said NAR Chief Economist Lawrence Yun. “This is holding back first-time home buyers from entering the market.

According to him, more supply is needed to increase the share of first-time homebuyers in the coming years, despite some markets currently appearing to have a temporary oversupply.

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