Home buyers were hesitant to jump into the market this spring, which is usually the busiest time of year for home purchases. Home sales in June fell to a 10-month low. Home prices at record highs, along with mortgage rates above 6.5%, have made home purchases unaffordable for many.

Sales of previously occupied U.S. homes slid in June to the slowest pace since last September as mortgage rates remained elevated and national median sales prices hit unprecedented levels.