U.S. sales of previously owned homes fell 2.7% in June to a seasonally adjusted annual pace of 3.93 million, the National Association of Realtors said on Wednesday, marking the market’s weakest showing in nine months and reversing May’s short-lived rebound. Despite the slowdown, the median price climbed 2% from a year earlier to a record $435,300. Mortgage costs hovering near 7% continue to squeeze affordability: only 21% of June transactions closed above the asking price, down from 28% in May. “Multiple years of undersupply are driving the record high home price,” NAR chief economist Lawrence Yun said, adding that a drop in mortgage rates to 6% could unlock roughly half a million additional sales. The June slide follows a 0.8% gain in May, when sales reached 4.03 million—still the slowest May since 2009. Inventory remains lean even after edging higher in the spring; the 1.54 million homes on the market in May equaled 4.6 months of supply. The housing slowdown has drawn political attention: President Donald Trump said this week he is considering eliminating capital-gains taxes on home sales and again pressed the Federal Reserve to cut interest rates, arguing that elevated borrowing costs are hurting families.