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U.S. median home-sale price reaches all-time high in June
June’s median price rose to $408,776, while the average 30-year mortgage rate stayed near 6.5% at 6.49%, keeping payments tight for many buyers.
Redfin News reports the median U.S. existing home-sale price rose 2.2% year over year in June to an all-time high of $408,776.
Existing-home sales in June edged up 0.1% month over month to a seasonally adjusted annual rate of roughly 4.4 million, the highest level since November 2022. On a year-over-year basis, existing home sales were up 4.2% from last June, even as the total number of homes sold across existing and newly built homes fell 0.5% versus the prior month.
Pending home sales also improved, rising 0.5% month over month in June to the highest level since 2023, with pending sales up 4.5% from a year earlier. Redfin noted the June report uses seasonally adjusted figures, except for median sale price and mortgage rate data.
Redfin attributed the pricing strength to demand supported by higher-income buyers, including moves by wealthy Americans to states such as Florida and sales momentum tied to the Bay Area’s AI boom. Redfin’s head of economics research, Chen Zhao, said buyers able to afford today’s high prices and elevated mortgage rates are propping up demand, while first-time and average move-up buyers remain priced out as mortgage rates stay near 6.5%.