Full Breakdown
U.S. Existing Home Sales Slip 1.7% in July Amid Record Prices and High Mortgage Rates
8/11/2026, 8:02:41 PM
Core Event: July Sales Decline and Record Prices
In July 2026, sales of previously occupied U.S. homes fell 1.7 % month-over-month to a seasonally adjusted annual rate of 4.06 million units. The median existing-home price rose 2 % from a year earlier to $434,100, marking the 37th consecutive month of price gains and a new July record.
Background & Context: Market Trends Since 2022
The slowdown follows a broader slump that began in 2022 as mortgage rates climbed from pandemic-era lows. Sales have hovered near a 4-million annual pace, well below pre-COVID levels. Higher inflation expectations and rising oil prices have pushed long-term bond yields up, prompting lenders to raise mortgage rates. Inventory contracted to 1.54 million unsold homes—a 4.6-month supply, below the 5- to 6-month range considered balanced.
Data & Statistics
- Sales volume: 4.06 million annual rate (-1.7 % m/m, +0.7 % y/y) – NAR report, Aug 11 2026.
- Median price: $434,100 (+2 % y/y).
- Inventory: 1.54 million units (-1.9 % from June) -> 4.6-month supply.
- First-time buyers: 29 % of transactions (down from 33 % in June).
- Regional sales change (m/m): Northeast +2 %; Midwest –2 %; South –3.1 %; West unchanged.
- Regional median prices: Northeast $563,800 (+5.2 % y/y); Midwest $342,900 (+2.8 % y/y); South $371,700 (+0.9 % y/y); West $622,200 (+0.2 % y/y).
Official Statements & Responses
Carl Weinberg, chief economist at High Frequency Economics, said, “no one who has a home already can afford to sell it,” highlighting the squeeze on owners with low-rate mortgages.
Conflicting Reports & Gaps
Mortgage-rate figures differ across sources: Freddie Mac reported a 30-year fixed rate of 6.69 %, NAR listed 6.54 %, and Haver cited 6.89 %. The discrepancy reflects variations in reporting dates and methodologies, and no single source clarifies which figure most directly impacted July sales. While most outlets agree on the 4.06 million sales rate, the precise month-over-month change in June (-1.4 % vs. -2.4 % in earlier revisions) remains unsettled.
Verbatim Quotes
- “Home sales have been remarkably stable, even amid the rising mortgage rate environment of the past few months,” — Lawrence Yun, NAR chief
- “No one who has a home already can afford to sell it,” — Carl Weinberg, chief economist at High Frequency Economics
- “There’s a disconnect with both buyers and sellers right now,” — Mary Lee Blaylock, president of Coldwell Banker Affiliates
