U.S. condo sales reach a low point in the last 6 months: reduced demand for real estate.

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Montenegro, Rose

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Montenegro, Rose

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The U.S. real estate market continues to cool, with sales of residential units in July hitting their lowest level in six months and resale condos, which also make up a significant portion of the market, down 16.6 percent from a year ago.

The average price of apartments rose again for the first time since January at an annualized rate.

The supply of properties is low because property owners, who have mostly taken out a mortgage loan at a much lower interest rate than the current market, are reluctant to sell, knowing that if they buy they will have to pay for a new property and increase their monthly payments on a new mortgage loan (the "lock-in effect").

Buyers are still at a disadvantage - real estate inventories are low and mortgage interest rates are high.