US Existing-Home Sales Fall 2.4% as Median Price Hits Record $440,600
Updated
Updated · WTVC · Jul 9
US Existing-Home Sales Fall 2.4% as Median Price Hits Record $440,600
3 articles · Updated · WTVC · Jul 9
Summary
4.09 million existing homes sold at a seasonally adjusted annual rate in June, down 2.4% from May even as sales edged up 2.8% from a year earlier.
$440,600 marked a record median price, while the average 30-year fixed mortgage rate stood at 6.49% in May, keeping affordability tight during the peak summer selling season.
1.56 million homes were on the market, equal to a 4.6-month supply that NAR still sees as below a balanced market, with the lock-in effect discouraging owners with lower mortgage rates from listing.
Prices were up just 1.8% from a year ago—slower than 3.5% wage growth—but homes still cost about 50% more than six years ago, leaving buyers cautious and sales far below the 5 million to 6 million pace seen before and during the pandemic boom.
NAR said first-half sales topped the same period in 2025 and 2024, suggesting gradual improvement despite monthly volatility; the group had already cut its 2026 sales-growth forecast to 4% from 14%.