Buyers are still taking home tours, but fewer are taking that next step.
CNBC reports that the number of people who made written offers was down 11 percent last month compared to May. High prices and low inventory are the main reasons for the decline.
According to a new report from Redfin, new listings across the nation dropped 3.3 percent in June from the previous month, and the number of vacant homes is at a 17-year low.
"Homes are not only selling faster than last July, but faster than last year's peak months. However, quick sales don't necessarily mean more sales, particularly when there isn't enough inventory as is currently the case," said Javier Vivas, manager of economic research at Realtor.com.
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