Lisa Harris Featured in Inc. Magazine: These 4 States Are at the Center of a Housing Market Slowdown

The housing market looks to be facing new headwinds. A new report is showing that the "late spring buyer's rush" has slowed down significantly.

According to the National Association of Realtors' Pending Home Sales report, pending home sales in June decreased by 5.4 percent month-over-month and came in near flat at a 0.3 percent increase year-over-year. NAR noted that all four regions of the U.S. saw month-over-month declines, but the Northeast and Midwest saw slight increases of 2.2 percent and 0.3 percent, respectively, month-over-month.

"The highest mortgage rates in nearly a year and the record-high national median home price together are contributing to a tepid housing market that is especially difficult for first-time homebuyers," said NAR Chief Economist Dr. Lawrence Yun in a release. "However, job gains can help support housing demand."

According to Redfin data, pending sales rose 0.5 percent month-over-month and existing-home sales rose just 0.1 percent from May to June. The data still saw relatively healthy sales across the country, but noted major declines from four states: Nebraska, New York, Michigan, and Georgia.

Georgia saw a 2.6 percent decrease in home sales year-over-year.