U.S. existing home sales fell to a three-month low in June, although the number of unsold homes reached its highest point in nearly a year, according to the National Association of Realtors (NAR).
Sales for the month fell 5.1 percent to an annual rate of 5.37 million units.
Meanwhile, approximately 3.99 million homes were for sale at the end of June, a level that would take approximately 8.9 months to deplete at the current sales pace.
According to NAR economist Lawrence Yun, the inventory of homes could rise higher than a 10-month supply in the next few months, as the pace of sales for homes under contract has slowed. An increase in inventory could push prices down if the higher supply continues for an extended period of time.