Existing-home sales took a slight hit in the month of June, down 1.2% from May, according to the National Association of Realtors.
The Wall Street Journal reports that the new annual rate of 5.08 million sales shows only a slight dip in what continues to be a successful housing recovery. NAR’s report shows that the housing market is still going strong, with June the second best-selling month since November 2009.
However, a rise in mortgage rates and home prices could affect future sales by a larger margin.
This decline is surprising to economists who predicted a rise in June sales, but some believe that there have been fewer sales due to a shortage of homes. Additionally, the rising prices of homes and mortgage rates might have a more noticeable effect on July sales, the chief economist of Mortgage Bankers Association, told the WSJ.