US Existing Home Sales Unexpectedly Fall in June

Sales of previously owned homes in the United States unexpectedly declined in June, falling roughly 2.4% from the prior month, according to the National Association of Realtors, as the housing market continued to fluctuate. Economists had generally expected a modest increase, making the drop a fresh sign that high borrowing costs and stretched affordability are weighing on buyer demand. Mortgage rates have remained elevated through the first half of 2026, with the average 30-year fixed loan hovering near 6.5%, held up by a hawkish Federal Reserve and sticky inflation that has dampened earlier hopes of rate relief. Would-be buyers are contending not only with financing costs but also with home prices that remain high by historical standards, while some homeowners locked into cheaper mortgages are reluctant to sell and give up their low rates, limiting the supply of available properties. The combination has kept transaction volumes subdued. Analysts say a sustained recovery in sales will likely require either lower mortgage rates, softer prices, or stronger income growth to restore affordability for a broad range of buyers.