Home Sales Continue to Drop

Home prices may start to fall in the coming months, according to the National Association of Realtors, following a report that showed sales of existing homes fell in June and the number of homes listed for sale soared to the highest level since 1997.

Condo prices are already being hit, falling 2.1% from June last year to a median price of $226,900. Single-family homes edged up 1.1% in June to $231,500.

But with an 8-month supply of condos for sale, and a 6.8-month supply of single-family homes, sellers are under pressure and buyers have plenty of options.