NAR Existing-Home Sales Report Shows 2.7% Decrease in June

WASHINGTON (July 23, 2025) – Existing-home sales decreased by 2.7% in June, according to the National Association of REALTORS® Existing-Home Sales Report. The Report provides the real estate ecosystem, including agents and homebuyers and sellers, with data on the level of home sales, price, and inventory.

Month-over-month sales declined in the Northeast, Midwest and South and rose modestly in the West. Year-over-year, sales fell in the Northeast and West, while rising in the Midwest and South.

"The record high median home price highlights how American homeowners' wealth continues to grow—a benefit of homeownership. The average homeowner's wealth has expanded by $140,900 over the past five years," said NAR Chief Economist Lawrence Yun.

"Multiple years of undersupply are driving the record high home price. Home construction continues to lag population growth. This is holding back first-time home buyers from entering the market. More supply is needed to increase the share of first-time homebuyers in the coming years even though some markets appear to have a temporary oversupply at the moment."

"High mortgage rates are causing home sales to remain stuck at cyclical lows. If the average mortgage rates were to decline to 6%, our scenario analysis suggests an additional 160,000 renters becoming first-time homeowners and elevated sales activity from existing homeowners," Dr. Yun continued.

"Expanding participation in the housing market will increase the mobility of the workforce and drive economic growth. If mortgage rates decrease in the second half of this year, expect home sales to increase across the country due to strong income growth, healthy inventory, and a record-high number of jobs."

National Snapshot

Total Existing-Home Sales for June

• 2.7% decrease in total existing-home sales month-over-month to a seasonally adjusted annual rate of 3.93 million.
• No change in sales year-over-year.

Inventory in June

• 1.53 million units: Total housing inventory, down 0.6% from May and increased 15.9% from June 2024 (1.32 million).
• 4.7-month supply of unsold inventory, up from 4.6 months in May and 4 months in June 2024.

Median Sales Price in June

• $435,300: Median existing-home price for all housing types, up 2% from one year ago ($426,900) — a record high for the month of June, and the 24th consecutive month of year-over-year price increases.

Single-Family and Condo/Co-op Sales

Single-Family Homes in June

• 3% decrease in sales to a seasonally adjusted annual rate of 3.57 million, up 0.6% from June 2024.
• $441,500: Median home price in June, up 2% from June 2024.

Condominiums and Co-ops in June

• No change in sales, a seasonally adjusted annual rate of 360,000 units, down 5.3% from June 2024.
• $374,500: Median price, up 0.8% from June 2024.

Regional Snapshot for Existing-Home Sales in June

Northeast

• 8% decrease in sales month-over month to an annual rate of 460,000, down 4.2% year-over-year.
• $543,300: Median price, up 4.2% from June 2024.

Midwest

• 4% decrease in sales month-over month to an annual rate of 950,000, up 2.2% year-over-year.
• $337,600: Median price, up 3.4% from June 2024.

South

• 2.2% decrease in sales month-over month to an annual rate of 1.81 million, up 1.7% year-over-year.
• $374,500: Median price, up 0.3% from June 2024.

West

• 1.4% increase in sales month-over month with an annual rate of 710,000, down 4.1% year-over-year.
• $636,100: Median price, up 1% from June 2024.

REALTORS® Confidence Index for June

• 27 days: Median time on market for properties, unchanged from May, up from 22 days in June 2024.
• 30% of sales were first-time home buyers, unchanged from May and up from 29% in June 2024.
• 29% of transactions were cash sales, up from 27% in May and 28% in June 2024.
• 14% of transactions were individual investors or second-home buyers, down from 17% in May and 16% in June 2024—lowest level since September 2022 due to individual investors retreating from the market.
• 3% of sales were distressed sales  (foreclosures and short sales), unchanged from May and up slightly from 2% in June 2024.

Mortgage Rates

• 6.75%: Average 30-year fixed-rate mortgage as of July 17 according to Freddie Mac, up from 6.72% one week before and down from 6.77% one year ago.

About the National Association of REALTORS®

The National Association of REALTORS® is involved in all aspects of residential and commercial real estate. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics. For free consumer guides about navigating the homebuying and selling transaction processes – from written buyer agreements to negotiating compensation – visit facts.realtor.

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For local information, please contact the local association of REALTORS® for data from local multiple listing services (MLS). Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.

NOTE: NAR's Pending Home Sales Index for June will be released July 30, and Existing-Home Sales for July will be released August 21. Release times are 10 a.m. Eastern. See NAR's statistical news release schedule.

¹  Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR benchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.

Existing-home sales, based on closings, differ from the U.S. Census Bureau's series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90% of total home sales, are based on a much larger data sample – about 40% of multiple listing service data each month – and typically are not subject to large prior-month revisions.

The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

² Total inventory and month's supply data are available back through 1999, while single-family inventory and month's supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90% of transactions and condos were measured only on a quarterly basis).

³ The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.

The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR's quarterly metro area price reports.

⁴ Distressed sales (foreclosures and short sales), days on market, first-time buyers, all-cash transactions and investors are from a monthly survey for the NAR's REALTORS® Confidence Index, posted at nar.realtor.