Houses in Los Angeles, California, United States, Sunday July 13, 2025. As on the wider American market, house sales slowed in South California, because high interest rates and the demand for economic cooling of uncertainty.
Eric Thayer | Bloomberg | Getty images
Sales of houses previously owned in June fell 2.7% from May to 3.93 million units according to the annualized and seasonally adjusted base, according to the National Association of Realtors. Analysts expected a drop of only 0.7%. Sales were unchanged from June 2024.
This report is based on closures, so contracts that were probably signed in April and May, when the average rate of the 30 -year fixed mortgage exceeded 7% on a few times and has never exceeded 6.8%, according to the News.
“High mortgage rates mean that house sales remain stuck in the cyclical stockings,” said Lawrence Yun, chief economist in NAR, in a statement. “If the average mortgage rates were to decrease to 6%, our scenario analysis suggests that 160,000 additional tenants become owners for the first time and a high sale activity of existing owners.”
Mortgage rates have not changed considerably in recent months, remaining stubbornly high among the concerns about the wider economy. The average rate is now 6.77%.
The offer continues to win, with 1.53 million units for sale at the end of June. This represents an increase of 15.9% from one year to the next and represents an offer of 4.7 months at the current sale rate. A 6 -month supply is considered balanced between the buyer and the seller, so the market is still thin.
The median price of a house sold in June was $ 435,300, 2% from one year to the next and another record summit for June. This is the 24th consecutive month of annual increase.
“Several years of sub-application lead to the record price of houses.
Sales continue to outperform the highest level on the market. Housing less than $ 100,000 dropped by 5% per year. Housing between $ 100,000 and $ 250,000 increased by 5%. And houses over a million dollars jumped 14%.
Houses spend longer on the market, with an average of 27 days, compared to 22 days last June. High -end houses sell faster than those of $ 500,000.
The first buyers represented 30% of sales. Historically, this demography represents 40% of all buyers. The share of refeeding transactions has remained high at 29% of sales. Pre-cook cash sales represented approximately 20% of the market.
The houses listed received an average of 2.4 offers, slightly down 2.5 last month and 2.9 a year earlier.