June home sales drop as prices hit a record high

Published Wed, Jul 23 202510:00 AM EDTUpdated Wed, Jul 23 20251:38 PM EDT

By: Diana Olick

Homes in Los Angeles, California, US, on Sunday, July 13, 2025. Like in the broader US market, home sales have slowed in Southern California as high interest rates and economic uncertainty chill demand.Eric Thayer | Bloomberg | Getty Images

Sales of previously owned homes in June fell 2.7% from May to 3.93 million units on a seasonally adjusted, annualized basis, according to the National Association of Realtors. Analysts had expected a drop of just 0.7%. Sales were unchanged from June 2024.

This report is based on closings, so contracts that were likely signed in April and May, when the average rate on the 30-year fixed mortgage jumped above 7% a few times and never went below 6.8%, according to Mortgage News Daily. LEARN MORE…

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