🏡📊 Existing Home Sales Slowed in June as Affordability Remained a Challenge
Higher home prices and elevated mortgage rates caused existing home sales to cool in June after reaching a five-month high in May. Even so, home values continue to reach new records, showing that demand remains resilient despite affordability challenges.
📈 Key Highlights
🏠 Existing home sales declined 2.4% in June to a seasonally adjusted annual rate of 4.09 million homes.
📅 Sales were still 2.8% higher than one year ago, indicating the market remains more active than it was in 2025.
🏘️ Housing inventory stood at 1.56 million homes, representing a 4.6-month supply—a level generally considered close to a balanced market.
💰 The median existing home price climbed to a record $440,600, up 1.8% from a year ago, marking the 36th consecutive month of annual price growth.
👥 First-time buyers accounted for 33% of all purchases in June, up from 30% a year ago.
💵 Cash buyers made up 25% of all transactions, highlighting that financed buyers continue to compete successfully in today's market.
📍 Regional Snapshot
📈 Sales increased in the Northeast compared to May.
📉 Sales declined in the South, Midwest, and West, though year-over-year activity remains stronger in most regions.
💡 What Does This Mean?
The housing market continues to normalize. Inventory is improving, giving buyers more choices than they had over the past few years, but well-priced homes in desirable neighborhoods are still selling quickly.
If you're waiting for prices to fall dramatically, today's market may not cooperate. While increased inventory could slow price appreciation in some areas, demand for quality homes remains strong.
Whether you're buying your first home, moving up, downsizing, or refinancing, having the right strategy is more important than trying to perfectly time the market.
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