Overview
- The National Association of Realtors reported on July 9 that existing‑home closings fell 2.4% in June to a 4.09 million seasonally adjusted annual pace.
- The median price for a previously owned home rose to a record $440,600 in June, up 1.8% from a year earlier.
- Mortgage costs remain about 45 basis points above their pre‑conflict level, according to Freddie Mac, and higher rates are deterring some owners from listing their homes.
- Inventory of previously owned homes slipped 0.6% to 1.56 million units, equal to about 4.6 months of supply, and sales rose in the Northeast while the Midwest, South and West saw declines.
- Policymakers have moved on affordability: Congress passed a bipartisan housing bill with limits on investor single‑family buys and faster reviews for construction, but President Trump has not signed it and builders say the U.S. still faces roughly a 1.2 million shortfall in homes that keeps entry‑level buyers locked out.