Resale housing market declined in July due to mortgage rates
Last month, 4.06 million existing homes were sold, down 1.7% from June. The median price was $434,100.
Sales of existing homes fell in July. File photo
Existing-home sales fell in July, in line with expectations, due primarily to mortgage interest rates.
According to a press release, 4.06 million existing homes were sold last month, representing a 1.7% decline from June.
"Home sales have been remarkably stable, even amid the rising mortgage rate environment of the past few months," summarized NAR Chief Economist Lawrence Yun.
Currently, the 30-year mortgage rate—the most common type—averages 6.69%. "There’s no doubt that the housing market would be thriving if average mortgage rates were to return near 6%," Yun said.
The average sales price of an existing home was $434,100 in July.
Despite this decline, the NAR's chief economist noted that sales of existing homes have increased by 2.4% so far this year compared to 2025 figures.
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