While the housing market remains on solid ground, issues with affordability and inventory are causing the momentum of existing home sales to slow, online marketplace Ten-X reported Thursday.
The Ten-X Residential Real Estate Nowcast found that June existing home sales will fall between seasonally adjusted annual rates of 5.38 million and 5.74 million, with a targeted number of 5.56 million. That represents a 0.5% increase from May and a 1.4% increase from June 2015.
In terms of price, Ten-X predicted a range from $231,642 to $256,025, with a target of $243,833, which would equate to a 3.1% year-over-year increase.
"The U.S. housing market remains on solid footing," Ten-X chief economist Peter Muoio said in a news release.
"We continue to hold a positive outlook for housing supported by accelerating wage growth, an accommodative labor market and low interest rates, though persistent issues with declining affordability and low inventory will likely limit stronger gains in sales."
