US existing home sales fall as prices hit recordprices hit record high amid rising rates
US existing home sales unexpectedly fell in June while home prices reached an all-time high, driven by rising mortgage rates that reduced buyer affordability.
Lawrence Yun, NAR's chief economist, said the lack of supply is a major challenge for people trying to become homeowners. This shift signals a cooling housing market that could influence broader economic trends and future interest rate decisions.
- US housing prices have risen for over a decade despite multiple interest rate hikes.
- The National Association of Realtors was founded in 1908 and is based in Washington, D.C.
- Mortgage rates in 2026 are higher than in the 2020-2021 period when home sales peaked.
