(FOX BUSINESS) – Sales of U.S. homes are on the decline, falling 1.2% from May to June — the biggest drop in almost a decade. The dip in seasonally adjusted home sales marks the biggest decline during this time of year since 2012, which according to real estate brokerage Redfin suggests "the housing market frenzy may have peaked for the year."
In the month of June, the number of homes for sale also dropped, about 28% compared to a year earlier. This also marked another record low since 2012, when the real estate brokerage began tracking this data.
Even though home sales are on the decline "measures of completed home sales reflected the most competitive market on record in June," according to Redfin.
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