Los Angeles, California, Home in America, Sunday, July 13, 2025. Like a broad American market, home sales have slowed down as high interest rates and economic uncertainty in Southern California.
Eric Thyar | Bloomberg | Getty images
According to the National Association of Realters, the sale of houses already owned in June fell seasonally to 3.93 million units from May to 2.7% on an annual basis. Analysts expected a decline of just 0.7%. The sale was unchanged since June 2024.
This report is based on closure, so on contracts likely to occur in April and May, when the average rate on 30-year fixed mortgage jumped above 7% and never went below 6.8%, according to the hostage news, according to the news.
NAR Chief Economist, Lawrence Yun said, “House sales from high hostage rates are stuck on cyclic offering.” “If the average mortgage rates have declined by 6%, our landscape analysis suggests that for the first time there are 160,000 additional tenants to increase sales activity from the owners of the house and the owners of the existing house.”
The last several months have not been clearly transferred to mortgage rates, very high high between concerns on the broad economy. Now the average rate is 6.77%.
The supply continues with 1.53 million units for sale in late June. This year -on -year is an increase of 15.9% and represents a supply of 4.7 months in current sales speed. The 6 -month supply is considered balanced between the buyer and the seller, so the market is still lean.
The average price of the house sold in June was $ 435,300, which was 2% year -on -year and another record for the month of June. This is the 24th month of annual growth.
Yun said, “Many years of undersplu’s record high home price is being done. The construction of the house is going on for population growth. It is first preventing house buyers from entering the market,” also that the average homeowner’s assets have increased by $ 140,900 in the last five years.
The higher end of the sales market continues to perform better. 5% fell annually in homes priced below $ 100,000. The price between $ 100,000 and $ 250,000 increased by 5%. And houses priced more than $ 1 million increased by 14%.
Last June has been spending longer in the house market than 22 days, on average compared to 27 days. High-ended houses are selling faster than the price of less than $ 500,000.
For the first time buyers represented 30% sales. Historically, this demographic makes 40% of all buyers. The share of all-cash deals increased on 29% sales. East-Covid is responsible for about 20% of the cash sales market.
The listed houses received an average of 2.4 offers, which were slightly below 2.5 last month and below 2.9 a year ago.
