June existing home sales have declined to a nine-month low, with one in seven potential deals failing. The current environment features 30-year mortgage rates of 6.67% and increased median home prices, making it difficult for buyers in 2025. Although housing supply has grown by 15.9% year-over-year, many sellers remain hopeful for top pricing. A substantial number of sellers prefer delisting over reducing prices despite cooling markets. Contract cancellations are notably high in places like Jacksonville, Las Vegas, and Atlanta, indicating significant challenges in the market.
June existing home sales fell to a nine-month low, and one in seven potential deals fell through, according to new data from Redfin and the NAR.
With 30-year mortgage rates around 6.67%, and median home prices rising 2%, being a buyer is a tough draw in 2025.
Even with housing supply increasing 15.9% from one year ago, many sellers still think they can get top dollar.
Sellers still have pretty high expectations of what they can get for their homes, despite cooling markets.
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