Home sales in the U.S. dropped for a fourth straight month back in July, according to new figures released by the National Association of Realtors.
July’s decline of existing home sales, which was recorded at just 0.7 percent, marked the longest streak of monthly declines since 2013.
Inventory of existing homes on the market sits at just 4.3 months, which is well below what many consider healthy market of six to seven months.
According to economists at NAR, the shortage is likely driving home prices up across the board and pushing some would-be buyers out of the marketplace.
Compared to this time last year, the median home price has spiked 4.5 percent to $269,600.