Sales of both existing and newly built homes fell in June, the latter to the lowest level since last year, CNBC reported. Prices continue to rise, but the gains are slowing. Mortgage applications to purchase both new and existing homes have been falling steadily, and mortgage rates are rising again. Single-family home construction also fell and was lower than June 2017. In one of the nation's hottest metropolitan markets, Denver, home sales fell 5.5 percent annually in June, even as prices hit an all-time high. Realtors there blame it squarely on a lack of homes for sale. "Year-over-year prices have been climbing for more than two years now, which is great news for homeowners and sellers," said RE/MAX CEO Adam Contos. "The slower sales figures we're seeing are tied to inventory more than anything else." But the slowdown is also tied to overheated prices. Even in the hottest markets, there is a limit to affordability, and that limit is clearly now being hit. In Southern California, sales of both new and existing homes fell sharply in June compared with a year ago. Demand is still quite strong, and while prices continue to gain, more listings are showing price reductions.
