Overview
- The National Association of Realtors reported on July 9 that existing-home closings fell 2.4% in June to a 4.09 million annualized pace, reversing a May uptick.
- The median sales price reached a record $440,600 in June, marking the 36th straight month of year‑over‑year gains and widening the affordability gap for many buyers.
- For-sale inventory stood at 1.56 million homes at month end, equal to about 4.6 months of supply and well below the roughly six months economists view as a balanced market.
- Mortgage costs remained elevated, with Freddie Mac’s 30-year fixed rate around 6.49–6.5% in June, making marginal buyers highly rate‑sensitive while many owners stay 'locked in' to lower existing loans.
- Higher-priced homes drove activity in June, first-time buyers made up about one-third of closings, and industry groups estimate an entry-level shortfall near 1.2 million units, a structural supply issue that could keep prices high.