US Existing Home Median Price Hits Record $408,776 in June

The median sale price of existing US homes climbed 2.2% year-over-year in June to an all-time high of $408,776, according to new data. Gains were led by San Francisco (+9.2%), Pittsburgh (+9.1%), and West Palm Beach (+8.6%), with luxury purchases accounting for much of the increase.

Homebuying demand strengthened heading into summer. Existing home sales rose 4.2% year-over-year to a seasonally adjusted annual rate of approximately 4.4 million units—the highest since November 2022. San Francisco and West Palm Beach saw the largest jumps in closed sales, up 23.8% and 23.1%, respectively.

However, new listings fell 0.8% month-over-month to 377,000, the lowest level since December. The report notes that US housing affordability is deteriorating again.