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U.S. Home Sales Hit Nine-Month Low Amid Rising Prices

7/24/2025

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Summary

Home Sales Decline

In June, U.S. existing-home sales plummeted 2.7% to a nine-month low of 3.93 million units, as soaring mortgage rates average 6.77% stifle affordability. Meanwhile, the median home price surged to a record $435,300, reflecting a 2% year-over-year increase. First-time buyers now represent just 30% of sales, far below the typical 40%.

Summary

Housing Market Surge

In Northern Ireland, the housing market is thriving, with residential property sales soaring by 12% in the second quarter, surpassing 7,100 homes sold. The average home price climbed to around £230,000, marking an impressive 8.9% annual increase—the highest in the UK. Even amid economic challenges, stable household finances continue to fuel this demand for homes.

History

Historical Context

The U.S. housing market began to collapse in 2006, triggered by the subprime mortgage crisis, which saw home values plummet and sales drop over 30%. Mortgage rates averaged 6.5% at the time, exacerbating affordability issues. Today, with rates at 6.77%, first-time buyers represent only 30% of sales, highlighting the ongoing challenges in homeownership and the cyclical nature of housing markets.

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Home Sales Decline

In June, U.S. existing-home sales plummeted 2.7% to a nine-month low of 3.93 million units, as soaring mortgage rates average 6.77% stifle affordability. Meanwhile, the median home price surged to a record $435,300, reflecting a 2% year-over-year increase. First-time buyers now represent just 30% of sales, far below the typical 40%.

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