What did existing home sales look like in June 2025?
With everyone looking for homes, the average American homeowner’s wealth has continued to grow alongside record median home prices, one of the many benefits of homeownership, the National Association of Realtors (NAR) said in a report released today.
But potential buyers have more to choose from too, despite a rise in home prices, as more homes are on the market over the same time last year, the report suggested.
“More supply is needed to increase the share of first-time homebuyers in the coming years even though some markets appear to have a temporary oversupply at the moment,” NAR Chief Economist Lawrence Yun said in the report.
Total homes for sale at the end of June were 1.53 million units, down 0.6% from May but up 15.9% from June of last year, the NAR report said, putting more properties in front of buyers who are looking.
“The average homeowner's wealth has expanded by $140,900 over the past five years," Yun added in his report, suggesting just how much homeownership can boost personal finances.
Yun also suggested a way for people to see the value in becoming first-time homeowners. “If the average mortgage rates were to decline to 6%, our scenario analysis suggests an additional 160,000 renters becoming first-time homeowners and elevated sales activity from existing homeowners.”
Which regions showed changes in pending home sales?
Three of the four regions the NAR tracks in the U.S. showed decreases in sales of existing homes in June, the NAR said.
- The Northeast experienced an 8% decrease in existing home sales from the previous month.
- In the Midwest, existing home sales slipped 4% from May.
- Completed transactions in the South went down 2.2% from the previous month.
- And sales of existing homes in the West rose 1.4% from May.
Spring and summer traditionally signal a start to the annual homebuying season for existing home sales, and sales could pick up more as mortgage interest rates decline and the weather warms up even more, heading further into summer.
Did mortgage rates show any change?
According to data from Freddie Mac, the 30-year fixed rate mortgage averaged 6.75% as of July 17. That’s up from 6.72% one week ago but down from 6.77% one year ago.
Continued reduction in mortgage interest rates will likely be a welcome sign to prospective homebuyers. A decrease in mortgage rates could also signal a continuing thaw in the housing market as we push further into the homebuying season.
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* National average rates from Freddie Mac as of July 17, 2025, are not advertised rates from Guaranteed Rate Affinity.
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