Second-hand housing sales in the US fell for the fourth month in a row in May, as rising housing prices and scarce inventories put pressure on buyers.

According to the National Association of Realtors of America, second-hand housing sales fell 0.9% month-on-month to 5.8 million units in May. Bloomberg surveyed economists estimated the median value of 5.73 million units.

Second-hand home sales continue to cool from multi-year highs, as rising housing prices increasingly offset the impact of lower borrowing costs. Strong demand and limited supply of second-hand housing have pushed up property listing prices, causing some buyers to leave the market and wait and see.

Real estate prices are likely to remain high for some time, as new homes from builders are not yet able to fill the gap in the second-hand housing market. They see high raw material prices, supply shortages, and limited numbers of skilled workers as continuing challenges.

The median price of second-hand housing rose 23.6% year on year in May, reaching a record high of 350,300 US dollars.

Housing inventories rose 7% to 1.23 million units, but are far below the level of a year ago. At the current rate of sales, it will take 2.5 months to fully digest this inventory.