Existing home sales dropped in every region in the U.S. last month except for the Midwest, where they were up 3.1 percent from May.
Realtor.com reports that the Midwest has the most affordable homes in the country. Even though prices rose 5.6 percent month-to-month, the median sales price of an existing home was still only $213,000 in the region.
At a median price of $263,800, existing homes are roughly 31 percent cheaper than new homes, which sell for a median price of $345,800.
"Millennials, first-time buyers, and people of moderate income are having difficulty finding any home that they can [afford to] buy," says Joseph Kirchner, senior economist of realtor.com. "Sales of lowest-priced homes have been falling for the last few months. This is where the shortage of homes is the greatest."