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- Home sales just dropped to a 14-year-low as buyers face a shortage of inventory.
- Just 4.16 million units were sold in June, down 19% from June of last year.
- Home prices rose to their second-highest level ever, as the dearth in inventory hurts affordability.
Home sales dropped to a 14-year-low in June, thanks to the shortage in inventory plaguing the housing market.
Existing home sales slumped 3.3% over the past month to a seasonally adjusted 4.16 million homes in June, according to the National Association of Realtors. That's a 19% decline from the 5.13 million home sales reported in June of last year, and it marks the lowest number of homes sold in June since 2009.