Overview
- The National Association of Realtors reported on Thursday that existing‑home closings fell 2.4% in June to a seasonally adjusted annual rate of 4.09 million, below economists’ expectations.
- The median price of a previously owned home rose to a record $440,600 in June, marking the 36th consecutive month of year‑over‑year gains.
- Inventory remained tight at 1.56 million unsold homes, equal to about 4.6 months of supply, and NAR economists say supply would need roughly 30%–40% growth to ease long‑term affordability pressures.
- Mortgage costs are still elevated, with the 30‑year fixed rate near 6.49% and roughly 45 basis points above pre‑conflict levels according to Freddie Mac, a dynamic that makes buyers highly rate‑sensitive and has pushed stronger activity to higher‑priced tiers.
- Congress has passed a bipartisan housing bill to speed approvals and limit some investor purchases but the president has not signed it, so implementation will determine whether policy changes ease the shortage that is keeping many first‑time and lower‑income buyers priced out.