Research and Statistics

Existing-home sales decreased by 2.7% in June. 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. According to 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.”

In May 2025, all four U.S. regions experienced month-over-month gains in transactions. Year-over-year, contract signings rose in the Midwest and South but descended in the Northeast and West. According to NAR Chief Economist Lawrence Yun, "Consistent job gains and rising wages are modestly helping the housing market, with hourly wages increasing faster than home prices. However, mortgage rate fluctuations are the primary driver of homebuying decisions and impact housing affordability more than wage gains.”"