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New-home sales rose 0.8 percent in June to 610,000 annualized units. NAFCU Research Assistant Yun Cohen said that "while demand remains robust, new construction has lagged."

The Census Bureau report, released Wednesday, showed new-home sales from March through May were revised down a total of 27,000 unites. June's new-home sales represent a 9.1 percent increase from a year ago.

"While demand remains robust, new construction has lagged," Cohen said in a NAFCU Macro Data Flash report. "Faced with limited supply and affordability issues, the number of buyers who purchased homes where construction had not yet started reached a ten-year-high. On the positive side, borrowing costs remain low despite the recent Fed tightening."

Sales rose in two of the four regions in June. Sales in the West increased 12.5 percent, followed by the Midwest, where sales rose 10 percent. Sales in the South decreased 6.1 percent. Sales in the Northeast were essentially unchanged.

Based on current-month sales, there were 5.4 months of supply in June, up from 5.3 months in May. The number of unsold homes left on the market rose from 269,000 to 272,000 units. This marks the highest level since June 2009 and represents a 11.9 percent increase from a year ago.

The median new-home price, non-seasonally adjusted, decreased from $324,300 in May to $310,800 in June, according to the Census Bureau. June's prices were 3.4 percent lower from a year ago.

"Overall, the outlook for housing remains positive in light of a strong labor market and improving rates of household formation," Cohen added.