US existing-home sales declined modestly in June while prices reached a new all-time high and mortgage rates remained anchored near the middle of the 6% range, according to data released this week.
The National Association of Realtors reported seasonally adjusted annual sales of 4.09 million units, a 2.4% drop from May but a 2.8% increase from June 2025. The median existing-home price climbed to $440,600, the highest figure on record, reflecting continued price resilience despite higher borrowing costs.
Freddie Mac’s Primary Mortgage Market Survey for the week ending July 9 showed the 30-year fixed-rate mortgage averaging 6.49%, up six basis points from the prior week. The 15-year fixed rate stood at 5.82%. Zillow data as of July 12 indicated the 30-year rate near 6.44%, with only minor day-to-day movement.
Inventory growth has slowed. National active listings reached approximately 1.10 million in June, representing a modest year-over-year increase that has decelerated from earlier gains this year. Supply remains below 2019 levels in many markets, keeping conditions selective rather than broadly slow.
NAR Chief Economist Lawrence Yun noted that buyers continue to weigh affordability carefully, but wage growth that has outpaced price increases in recent quarters has provided some support. He emphasized that more consistent inventory gains will be needed to improve long-term affordability.
The market has shown resilience through the first half of 2026. While no major distress signals have emerged, the combination of rates in the mid-6% range and limited supply has produced a selective environment where well-priced homes in desirable locations continue to attract interest.
Looking ahead, market participants will watch the July existing-home sales release scheduled for August 11, along with pending home sales data and weekly mortgage application figures for early signals on buyer demand heading into the second half of the year.
Why it matters
The latest numbers confirm that the US housing market is neither accelerating nor collapsing. It is navigating a narrow path where steady prices, gradual inventory growth, and borrower sensitivity to rates define activity. For global observers, this stability matters because US housing trends influence construction employment, household wealth, and broader consumer spending.
Bottom line
June’s data showed a market that is stable but selective. Mortgage rates near 6.5%, record median prices, and slower inventory growth point to a second half of 2026 that will depend on whether supply continues to improve and whether rates find a sustained lower range.
