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Sales of existing U.S. homes fell 2.7% in June from May on a seasonally adjusted, annualized basis, according to the National Association of Realtors, but they were flat compared to a year ago. Meanwhile, home prices hit a record high for the month of June, increasing 2% from last year to $435, 300. Homes also spent longer time on the market with an average of 27 days, up from 22 in June 2024.

In June 14.9% of all pending home sales fell through, an increase from 13.9% the year before and the highest percentage on record for any June since records started in 2017. Increased inventory and shaky financing are likely the biggest reasons for buyers backing out. The highest contract cancellation rates were in Jacksonville, Fl with more than one in five (21.4%), Las Vegas with 19.7%, and Atlanta with 19.6%.

Home affordability declined 3.76% in May, according to the National Association of Realtors, as the NAR’s Housing Affordability Index dropped to a reading of 97.2 from 101.0 in April and 103.4 in March. However, the index was up 5.31% from a year earlier. The median price for an existing single-family home rose to $427,800 in May and long-term interest rates averaged up around 6.90% while the median family income fell almost $600 from April. By region, the Northeast saw the biggest monthly decline in affordability with a 6.41% decrease, but the West remains the least affordable area with an index reading of just 69.3.

The U.S. housing market is showing signs of cooling down as almost one-third of the largest 100 markets are seeing annual price declines of at least a full percentage point. Total annual home price growth in June was just 1.3%, down from a rate of 1.6% in May and also the slowest pace in two years, according to mortgage technology firm ICE. The largest declines were in Florida, Texas, and California.

The number of U.S. mortgage applications jumped 9.4% in the latest week, according to the Mortgage Bankers Association, as lower interest rates finally enticed more borrowers to the table. The average rate on a 30-year fixed-rate mortgage fell to 6.77% from 6.79% the week before, the lowest level in three months. In response, refinance requests increased 9% for the week and 56% for the year. Home buyers also took advantage of the lower rates, with applications for home purchase loans also increasing 9% for the week and growing 25% from the previous year.               

Sellers who were dissatisfied with a lack of offers or low offers pulled their listings from the market in record numbers in May, according to Realtor.com. Delistings, as this phenomenon is called, rose 47% nationally in May from the year before, a sign that many sellers would rather wait for a more favorable market than negotiate in the current climate. There were 13 homes delisted in May for every 100 homes coming on to the market. The South and West saw the biggest rise in delistings, where overall inventory levels have returned to pre-pandemic levels.

The number of refinance applications surged this week, thanks to a mortgage rate drop of 9 basis points, according to the Mortgage Bankers Association. Refinance requests jumped 7% during the week ended July 2, 2025 from the previous week and were up 40% compared to a year ago. During the same time, mortgage interest rates fell to their lowest level since April, with the average on a 30-year fixed-rate home loan dropping to 6.79% from 6.88% the week before. The decline in rates did not entice more home buyers, however, with applications for home purchase mortgages increasing just 0.1%.

In a warning of potential future financial market stress, mortgage loan delinquencies rose in May, according to data from VantageScore. The year-over-year increase in loans that were past due by 30-59 days rose to 1.03% in May, up from 0.92% in April. The rise came mostly from early and mid-stage delinquencies, even among the traditionally less-risky category of borrowers with credit scores above 660. Foreclosures also jumped, climbing 16.73% since May 2024.

Long-term U.S. mortgage rates decreased for the fourth consecutive week, according to Freddie Mac. The average rate on a 30-year fixed-rate home loan fell to 6.77% during the week ended June 26, 2025, down from 6.81% the week before. A year ago, the average rate was still lower at 6.86%. Freddie Mac economists say borrowers have benefited from rate stability over the past few months, as the average rate has only fluctuated within a narrow 15-basis point range since Mid-April.

Even as high mortgage rates and home prices continue to put pressure on the U.S. housing market, sales of existing homes inched upward in May, according to the National Association of Realtors. Sales rose 0.8% from April to a seasonally adjusted, annual rate of 4.03 million units, while the median price increased 1.3% from last year to $422,800. May sales were strongest in the Northeast with a 4.2% monthly jump, and weakest in the West where they fell 5.4%. Meanwhile, inventory grew 20% from a year ago, to 1.54 million available housing units.

The Federal Reserve decided to leave its target interest rate unchanged after its meeting this week, a move likely to keep mortgage rates from falling much this summer. The federal funds rate, the rate that banks charge each other for overnight lending, was kept in the range of 4.25%-4.5% where it has remained for the past six months. While mortgage rates track Treasury yields, not the federal funds rate, broader economic concerns like tariffs and inflation influence both rates.

Amidst continued economic uncertainty, homebuilders are feeling less confident than they have in almost 3 years. The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) fell 2 points in June from May to a reading of 32. In June 2024, the index was 43. Anything below 50 is considered negative. The reading has not been this low since December 2022 when mortgage rates had just jumped up from record lows. Analysts had expected the index to get a bump in June after some tariff negotiations and pullbacks, but high mortgage rates and home prices appear to be holding many buyers back from the market. 

Real estate investors shed their rental properties in record numbers last year, in response to softening rent prices. Almost 11% of all 2024 U.S. home sales came from real estate investors, the highest share in data tracked since 2001, according to a Realtor.com Investor Report.  The median sale price for these investor properties was $330,000 and investor sales increased 5.2% from the year, with investor sales increasing faster than investor buying.

While mortgage interest rates barely moved last week, the number of applications for home loans rose to the highest level in over a month, according to the Mortgage Bankers Association. Total mortgage application volume rose 12.5% during the week ended June11, 2025. Applications for a home purchase mortgage rose 10% for the week and 20% from last year. Refinance demand jumped 16% for the week and 28% on an annual basis. Homebuyers may be taking advantage of increased inventory (31% higher than last year) and easing prices, according to MBA analysts.

Home prices fell in the top 20 U.S. city markets in March for the first time in over two years. According to the S&P Case Shiller Home Price Index, the seasonally adjusted home price fell 0.1% from February while rising 4.1% from the year before. Price appreciation varied wildly among top cities, with New York seeing an 8% year-over-year increase, with Dallas almost unchanged with a 0.2% growth, and Tampa prices falling 2.2% annually.