High levels of inventory have put power in the hands of buyers, but economic uncertainties are making them reluctant to close the deal.

Home prices continued to climb, though at a slower pace than in recent years. The median sales price of $435,300 rose 2% from a year ago, marking two years of annual increases. Higher priced homes sold better than those at the low end, with cash sales increasing to 29% of contracts – up from 27% in May.