Home prices hit an all-time high in June, even as the housing market continued its post-pandemic slump.
The median price for an existing home sold last month was $435,300, besting the previous record, set in June 2024, according to data from the National Association of Realtors. But overall, sales numbers were at a nine-month low, seasonally adjusted. Sales in June decreased 2.7% from a month earlier.
How can prices be so high when the market is so slow?
“Today’s housing market is really haves and have-nots,” says Jessica Lautz, deputy chief economist at the National Association of Realtors.
While countless would-be buyers remain stuck on the sidelines, some people do have a lot of money to spend. Wages keep rising, the stock market is hitting record highs — and people who have a home to sell can use profits from these high prices to buy their next one.
“Those who have housing equity can make housing trades right now. Many of them are doing so even with an all-cash purchase,” Lautz says. “They have the ability to interact with today’s housing market, where first-time homebuyers are being shut out.”