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- Prices rose 2.2% year over year in June to a record high, mainly due to growing demand.<\/i><\/li>\n
- Existing U.S. home sales ticked up to a seasonally adjusted annual rate of 4.4 million, the highest level since 2022. Pending home sales reached their second-highest level since 2023.<\/i><\/li>\n
- New listings trended down, declining 1% month over month to their lowest level since December. Some of the nation\u2019s strongest buyers\u2019 markets had the biggest declines.<\/i><\/li>\n<\/ul>\n
SEATTLE–(BUSINESS WIRE<\/a>)–
\nThe median U.S. home-sale price rose 2.2% year over year to an all-time high of $408,776 in June. That\u2019s according to a new report<\/a> from Redfin<\/a>, the real estate brokerage powered by Rocket.<\/p>\n\nU.S. existing-home sales ticked up 0.1% month over month to a seasonally adjusted annual rate of roughly 4.4 million in June\u2014the highest level since November 2022. On a year-over-year basis, existing home sales rose 4.2% from last June. The totalnumber of homes sold\u2014including both existing and newly built homes\u2014fell 0.5% in June from a month earlier but were still at their second-highest level since October 2022 and up 4.5% year over year.<\/p>\n
\nPending home sales ticked up 0.5% from a month earlier in June to their highest level since 2023, with the exception of April. Compared to a year ago, pending sales increased 4.5%. All figures in Redfin\u2019s report are seasonally adjusted, with the exception of median sale price data and mortgage rate data.<\/p>\n
Wealthy Coastal Buyers Drive Up Home Prices, Sales
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<\/b>Affluent Bay Area and South Florida homebuyers were major drivers<\/a> of June\u2019s strong housing market:<\/p>\n- \n
- \nSan Francisco\u2019s median home-sale price rose 9.2% year over year, the biggest increase of the major U.S. metro areas. Next came Pittsburgh, with a 9.1% increase, followed by West Palm Beach, where the median price rose 8.6%. A separate Redfin report<\/a> shows that in San Francisco and West Palm Beach, luxury sales are fueling overall home-prices increases.<\/p>\n<\/li>\n
- \nWest Palm Beach and San Francisco both posted increases of roughly 23% year over year in closed home sales, the biggest upticks of all the major U.S. metros.<\/p>\n<\/li>\n
- \nThe increase in pendinghome sales was also driven by San Francisco, which had a 16.4% year\u2013over-year uptick to the second-highest level in four years\u2014the biggest increase of the metros in this analysis. In West Palm Beach, pending home sales rose 13% year over year, the third-biggest increase of the metros in this analysis.<\/p>\n<\/li>\n<\/ul>\n
\nBillionaires, executives and other ultra-wealthy Americans are moving to Florida and buying up expensive homes due to its favorable tax environment, sunny climate and beachfront lifestyle. The story is a bit different in the Bay Area, where the AI boom<\/a> is driving the surge in luxury home sales and driving prices up. Redfin agents in other parts of the country, including Boston and Nashville, TN, say wealthy buyers are propping up their markets, too.<\/p>\n
\n\u201cHigh-end buyers are driving demand and prices in much of the country,\u201d said Chen Zhao<\/a>, Redfin\u2019s head of economics research. \u201cMany of the house hunters who are buying homes are the ones who can afford today\u2019s high prices and elevated mortgage rates without busting their budget. There\u2019s a pool of higher-income buyers who are purchasing seven-figure homes, but a lot of first-time and average move-up buyers are priced out as mortgage rates stay near 6.5%, making monthly payments challenging.\u201d<\/p>\n
\nJune\u2019s average 30-year mortgage rate was 6.49%, up slightly from a month earlier, exacerbating high prices to drive up monthly payments. High housing payments, along with economic uncertainty about things like the Iran war and inflation<\/a>, pushed away some average American would-be buyers, while affluent buyers were undeterred.<\/p>\n
\nIt\u2019s worth noting that sale prices are rising slower than in years past.For much of 2024, the median U.S. sale price was rising roughly 5% year over year, and during the pandemic homebuying boom in 2021-2022, it was increasing by double digits. Today\u2019s 2% growth in prices is smaller than the 3.5% growth in U.S. wages, which means homes are becoming slightly more affordable, one factor boosting demand.<\/p>\n
Competition For Homes Hits Highest Level in a Year
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<\/b>Growing homebuying demand is leading to a slightly more competitive market. More than one in five (22.2%) U.S. homes that sold in June went for more than their original list price, the highest share in over a year on a seasonally adjusted basis. That\u2019s also part of the reason home prices ticked up in June.<\/p>\nNew Listings Decline As Would-Be Sellers Hold Off
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<\/b>While home sales picked up steam as summer started, new listings ticked down about 1% month over month in June, dipping to their lowest level since December. Would-be sellers have caught on to the fact that there are many more home sellers<\/a> than buyers in the market, and some have opted to hang onto their homes until the market becomes more balanced.<\/p>\n\nNew listings are falling most in metros with the strongest buyer\u2019s markets. They fell most in Dallas (-6.5%), Fort Worth, TX (-6.2%) and Jacksonville, FL (-5.5%).<\/p>\n
June 2026 Housing Market Highlights: United States<\/b><\/p>\n
- Existing U.S. home sales ticked up to a seasonally adjusted annual rate of 4.4 million, the highest level since 2022. Pending home sales reached their second-highest level since 2023.<\/i><\/li>\n
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