July 2025 National Report
with sales data through June
Compared to 1 year ago, median sales prices for houses and condos/co-ops in June rose 2% and .8% respectively. The number of active listings dropped slightly from May, but increased 16% year over year, and months-supply-of-inventory—a comparison of demand vs. supply, with higher readings signifying cooler markets—rose to its highest reading in 6+ years. Sales volume climbed very slightly month over month but was 4% higher than a year ago: it was the first monthly, year-over-year increase in existing-home sales since January.
59% of sales went into contract within 1 month of coming on the market (vs. 65% in June 2024), and 21% sold above asking price (vs. 29% last year). 83% of sales were in suburban, rural or resort areas; and 14% of properties were bought for rental or vacation use. Cash purchases accounted for 29% of sales; price reductions hit a 7-year high; and over the past 3 months, 6% of contracts were cancelled before close of escrow and 12% saw delays in closing. 6% of these delays were due to appraisal issues. The median time-on-market to offer acceptance was 27 days—unchanged from May but slower than the 22 days in June 2024.
Economic indicators: Inflation ticked up to 2.7%; the Fed again left its benchmark rate unchanged; and mortgage rates continued to move up and down within a narrow band of values, generally hovering a little below 7%. Stock markets hit new all-time highs, continuing their dramatic rebounds from April’s crash. Consumer confidence rose slightly to its highest point in 5 months, but remained very low by long-term norms: Substantial concerns persist regarding the possible effects of volatile political and economic conditions on personal finances and inflation. The Economic Policy Uncertainty Index, which soared during April’s tariff crisis, plunged again in June, but remained high by historical standards.
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