The number of homes for sale this month was actually 7% higher than June of last year, according to Realtor.com.
An even tighter housing market ahead means home prices are unlikely to cool.
They began to fall because mortgage rates had doubled in a matter of months.
"Despite sluggish pending contract signings, the housing market is resilient with approximately three offers for each listing," NAR's chief economist, Lawrence Yun, said in a release.
Higher mortgage rates have been less of a factor, as builders, some of whom have their own mortgage arms, have been buying down rates for buyers.
Persons:
Craig Lazzara, DJI, Lawrence Yun, hadn't, Peter Boockvar
Organizations:
Mortgage News Daily, National Association of Realtors, Census, Builders, Bleakley Financial