U.S. Sales of Previously Owned Homes Decline for Third Month

Sales of previously owned U.S. homes unexpectedly fell in June, indicating a shortage of affordable listings and rising prices continue to limit demand, a National Association of Realtors report showed Monday.

While inventories rose, affordability remains a constraint for prospective buyers, especially younger Americans or those entering the market for the first time. There is a persistent shortage of available listings to choose from, while property prices are outpacing wages. In addition, borrowing costs have also increased this year.