WASHINGTON — Existing-home sales declined modestly in July as mortgage rates continued to climb, but the U.S. housing market remains relatively stable with significant regional differences, according to new National Association of Realtors data.
Existing-home sales fell 1.7% from June to a seasonally adjusted annual rate of 4.06 million, but were 0.7% higher than a year earlier. Sales during the first seven months of 2026 were 2.4% above the same period in 2025.
“Still very stable home sales pattern, I would say, even with these declines,” NAR Chief Economist Lawrence Yun said, according to Realtor.com.
The Findings
Among the findings:
- Single-family home sales declined 1.9% from June to an annual rate of 3.69 million but were up 0.8% year over year. The median price rose 1.9% to $440,300.
- Condo sales were unchanged from both June and a year earlier, while the median price increased 2.2% to $371,800.
- Unsold inventory declined 1.9% to 1.54 million homes, representing a 4.6-month supply.
- First-time buyers accounted for 29% of sales, down from 33% a year earlier. Yun said a healthier share would be closer to 40%.
- Sales of homes priced above $1 million were up 15% from a year earlier.
Rates Remain the Challenge
Mortgage rates continued to present a challenge. The average 30-year fixed mortgage increased for six consecutive weeks, rising from 6.43% on July 2 to 6.69% on Aug. 6, its highest level since July 2025, according to Freddie Mac data cited by Realtor.com.
Regional results varied sharply. Sales increased 2% from June in the Northeast, were essentially unchanged in the West and declined 2% in the Midwest and 4.1% in the South.
Florida was a notable exception, with Yun citing a “strong increase in home sales along with price recovering” after the state’s market had been declining a year earlier.
The median price in the Northeast increased 5.2% from a year earlier to $563,800.
Some ‘Reluctant to Sell’
Realtor.com Chief Economist Danielle Hale said slowing inventory growth suggests some homeowners are becoming reluctant to sell, which could prevent weaker demand from shifting the market decisively in buyers’ favor.
“The pace of growth cooled notably, suggesting that the upward pressure in mortgage rates and softening consumer confidence are weighing on households and home sales,” Hale said of pending sales.
