The Latest Breaking News from NAR

Sales of previously occupied U.S. homes fell in June to the slowest pace since January, as a near-historic low number of homes for sale and rising mortgage rates kept many would-be homebuyers on the sidelines

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After a record-breaking run that saw mortgage rates plunge to all-time lows and home prices soar to new highs, the U.S. housing market finally started slowing in late 2022. Mortgage companies engaged in mass layoffs, real estate economists lamented a “housing recession” and home prices seemed poised for a correction.

Sales of previously occupied U.S. homes edged higher in May and the national median sale price posted its biggest annual drop in more than a decade, even as the supply of available properties sank to an all-time low