Overview
- The National Association of Realtors reported in mid‑July that the median existing‑home price for June was $440,660, the highest on record for that measure.
- Brokerage and valuation services show different national medians because they use different data, with Redfin’s June median near $408,776 and Zillow’s May typical value about $368,720.
- Analyses from Redfin and Zillow/Stacker show extreme concentration of wealth in some metros and enclaves, with Bay Area medians above $1.6 million and many small towns and suburbs listing typical values in the millions.
- Mortgage rates near 6.5% and a tight for‑sale inventory of roughly 1.56 million homes (about 4.6 months of supply) are raising monthly carrying costs and limiting options for first‑time buyers.
- Policymakers are debating supply fixes as affordability indicators diverge—NAR’s affordability index rose year‑over‑year even as many households face higher monthly payments and luxury markets widen the gap between rich and typical buyers.