U.S. Home Resales Ease as Lean Inventory Drives Prices Higher
U.S. Existing Home Sales Decline 1.8% in June
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A slowdown in sales of previously owned U.S. homes shows how lean inventories are keeping prices elevated and limiting purchasing options, National Association of Realtors data showed Monday.
A limited number of properties listed for sale remains the biggest hurdle for the market. Lean inventory is pushing up asking prices at a faster pace than worker pay. While job growth is steady and mortgage rates remain attractive, higher prices are making entry difficult for those looking to make their first purchase.