U.S. Home Prices Hit Record, Sales Slow

U.S. existing-home prices reached a record median of $435,300 in June 2025, even as home sales nationally declined 2.7% month over month to the slowest pace since September 2024. The sustained price growth reflects years of housing undersupply and strong demand, limiting access for first-time buyers and boosting homeowner wealth. In Massachusetts, single-family home sales rose 5.5% in June and are up 3% year-to-date, with the median price hitting $687,500 and exceeding $1 million in Greater Boston. The state's condo market posted a 6.1% sales increase and a slight dip in median prices, offering some affordability for flexible buyers. Nationally, mortgage rates averaged 6.75%, leading to longer listing times and rising inventory as sellers adjust expectations. Analysts expect month-to-month price moderation later in 2025, but ongoing supply constraints are likely to sustain annual gains.