Sales of US houses unexpectedly fell in June, Reuters reports. They have demonstrated decline three months in a row, since constant shortage of properties resulted in record price growth.

Report of National Association of Realtors (NAR) together with low homebuilding data confirmed that real estate market falls behind accelerated development of country’s economy.

Low sales are caused by supply constraints. However, experts are afraid that higher home prices and growing mortgage rates might result in demand slowdown.

Sales of existing houses fell last month by 0.6% to 5,38 million units. Economists surveyed by Reuters forecasted 0,5% increase. Sales fell in West and South, where most of US houses are sold. Yearly decline is 2,2%.

Deficit on the market is caused by growing material costs as well as by labor shortages.

Average price grew by 5,2% compared with the last year to the record level of $276900. Mortgage 30-year rate is 4,52%.