W
ASHINGTON (July 23, 2025) - The National Association of REALTORS' Existing-Home Sales Report reveals a 2.7% decline in existing-home sales for June, with a seasonally adjusted annual rate of 3.93 million. This decrease is seen across the Northeast, Midwest, and South regions, while sales rose modestly in the West.

    The median home price reached $435,300, a record high for June and the 24th consecutive month of year-over-year price increases. According to NAR Chief Economist Lawrence Yun, this growth in homeowners' wealth is a benefit of homeownership, with the average homeowner's wealth expanding by $140,900 over the past five years.

    The undersupply of homes continues to drive record-high prices, hindering first-time homebuyers from entering the market. Dr. Yun suggests that if mortgage rates were to decline to 6%, an additional 160,000 renters could become first-time homeowners, leading to increased sales activity.

    National Snapshot:

    * Total existing-home sales decreased by 2.7% month-over-month and remained unchanged year-over-year.

    * Inventory in June stood at 1.53 million units, a 0.6% decrease from May but a 15.9% increase from June 2024.

    * The median sales price reached $435,300, up 2% from one year ago.

    Regional Snapshot:

    * Northeast: Sales decreased by 8% month-over-month and 4.2% year-over-year, with a median price of $543,300.

    * Midwest: Sales declined by 4% month-over-month but rose 2.2% year-over-year, with a median price of $337,600.

    * South: Sales decreased by 2.2% month-over-month and 1.7% year-over-year, with a median price of $374,500.

    * West: Sales increased by 1.4% month-over-month but declined 4.1% year-over-year, with a median price of $636,100.

    REALTORS' Confidence Index:

    * The median time on market for properties remained at 27 days, unchanged from May and up from 22 days in June 2024.

    * First-time homebuyers accounted for 30% of sales, unchanged from May and up from 29% in June 2024.

    * Cash sales comprised 29% of transactions, up from 27% in May and 28% in June 2024.

    Mortgage Rates:

    * The average 30-year fixed-rate mortgage stood at 6.75%, up from 6.72% one week prior but down from 6.77% one year ago.