Sales of existing homes in the U.S. fell 5.1 percent in June, according to a recent report by the National Association of Realtors (NAR).
The report found that existing homes sales fell in June to a seasonally adjusted annual rate of 5.37 million units, down from 5.66 million the month before. Year-over-year, sales rose 9.8 percent.
June sales continued to benefit from the popular $8,000 tax credit, which is set to expire in September after being extended from the original June 30 deadline.
During June, the inventory of homes on the market rose 2.5 percent to 3.99 million units. At this level, it would take 8.9 months to sell all existing homes on the market.
Finally, the national median existing-home price for all housing types was $183,700 in June, up 1 percent year-over-year, the NAR said.