Key numbers (June 2026)
Median existing-home price: $440,600 — the highest ever recorded for June and a 1.8% increase from a year ago.
Existing-home sales: Fell 2.4% from May to a seasonally adjusted annual rate of 4.09 million, well below the historical norm.
30-year fixed mortgage rate: Around 6.49%, keeping affordability under pressure.
Why are prices still rising if sales are slowing?
It comes down to supply and demand:
Many aren’t selling. Millions still have mortgages in the 2–4% range and don’t want to give them up for a loan near 6.5%.
Inventory is improving but remains tight. There were about 1.56 million homes for sale, roughly a 4.6-month supply. A balanced market is generally considered around 5–6 months.
Affordability is limiting buyers, so fewer homes are selling, but there still aren’t enough listings to create widespread price declines.
What this means
The U.S. housing market is becoming more localized.
Seller’s markets continue in parts of the Northeast and Midwest, where inventory remains especially limited.
Sun Belt markets—including many areas of Arizona, Texas, and Florida—have seen more inventory growth, leading to longer selling times, more price reductions, and greater negotiating power for buyers in many neighborhoods. National record prices don’t mean every local market is making new highs