Despite mortgage rates dipping below 4%, more jobs filled than ever before, and record-high consumer net worth, existing home sales turned south in June, running at a pace similar to 2015 levels, the National Association of REALTORS reported Tuesday. While economic indicators portend a strong housing market, low supply on the lower end–which leaves first-time home buyer with few options–is helping to hold sales back, NAR Chief Economist Lawrence Yun says.
