LOS ANGELES (AP) — Sales of previously occupied U.S. homes slid in June to the slowest pace since last September as mortgage rates remained elevated and the national median sales price rose to an all-time high of $435,300.
Existing home sales fell 2.7% last month from May to a seasonally adjusted annual rate of 3.93 million units, the National Association of Realtors said Wednesday.
Sales were flat compared with June last year. The latest home sales fell short of the 4.01 million pace economists were expecting, according to FactSet.
Home prices increased on an annual basis for the 24th consecutive month to reach record heights.
The U.S. housing market has been in a slump since early 2022, when mortgage rates began to climb from pandemic-era lows. Home sales fell last year to their lowest level in nearly 30 years.
Sluggish home sales led to a lackluster spring homebuying season, traditionally the busiest period of the year for the housing market.
Stubbornly high mortgage rates and rising prices have intensified the hardships for would-be homebuyers who had already been pummeled by a real estate market that overheated during the pandemic. And while the number of homes on the market has increased sharply from a year ago, it remains well below normal levels, meaning prices continue to rise even as sales slow.
“The second half of the year really depends on what happens with mortgage rates,” said Lawrence Yun, NAR’s chief economist.
High mortgage rates can add hundreds of dollars a month in costs for borrowers, limiting their purchasing power. So far this year, the average rate on a 30-year mortgage has remained relatively close to 7%, according to mortgage buyer Freddie Mac.
Homes purchased last month likely went under contract in May and June, when the average rate on a 30-year mortgage ranged from 6.76% to 6.89%.
Yun estimates that if the average rate on a 30-year mortgage were to fall to 6% that would lead to an additional roughly half-million more homes sold.
“If the mortgage rate remains stuck at this level, we are essentially looking at very small changes in our home sales and home price condition, but if the mortgage rate was to drop, we know there will be a more meaningful increase in sales,” he said.
The housing market's affordability crunch is keeping many aspiring first-time homebuyers on the sidelines. They accounted for 30% of homes sales last month, unchanged from May, NAR said. Historically, they made up 40% of home sales.
Home shoppers who can afford to buy at current mortgage rates or pay in cash are benefiting from more properties on the market.
There were 1.53 million unsold homes at the end of last month, down 0.6% from May, but up nearly 16% from June last year, NAR said. That’s still well below the roughly 2 million homes for sale that was typical before the pandemic, however.
June’s month-end inventory translates to a 4.7-month supply at the current sales pace, up from a 4.6-month pace at the end of May and 4 months in June last year. Traditionally, a 5- to 6-month supply is considered a balanced market between buyers and sellers.
Homes for sale are staying on the market longer as sales remain in the doldrums. Properties typically remained on the market for 27 days last month before selling, up from 22 days in June last year, NAR said.
The housing market slowdown isn't all bad, if you're a home shopper who can afford to buy. In June, some 20.7% of homes listed for sale had their price reduced, the highest share for the month of June going back to at least 2016, according to Realtor.com.
Increasingly, however, many sellers are opting to pull their home off the market rather than lower prices. The number of properties taken off the market without having sold jumped 47% in May from a year earlier, according to Realtor.com.
FILE - New construction homes are seen on July 11, 2025, in Happy Valley, Ore. (AP Photo/Jenny Kane, File)
PITTSBURGH (AP) — For the first time in NHL history, goalies that were involved in the same trade faced one another within seven days of the deal.
Tristan Jarry and Stuart Skinner, traded for one another just five days ago, starred against their former teams as Edmonton defeated Pittsburgh 6-4 on Tuesday night.
“I thought both goalies handled themselves well,” said Connor McDavid, who scored twice and had a four-point game. “It was a unique situation and probably a strange night for both guys.”
On Friday, the Oilers dealt Skinner, defenseman Brett Kulak and a 2029 second-round pick to Pittsburgh in exchange for Jarry and forward Sam Poulin. Both goaltenders were unable to have new masks ready in time for Tuesday’s game. Jarry wore blue goalie pads and his Penguins’ mask, while Skinner had white and gold pads and his old Oilers’ mask.
“We should’ve switched masks,” Skinner said. “I feel like the mask takes the longest because you have to get a paint job. It would’ve been funny if we saw each other in warm-ups at the red line and changed helmets.”
The Penguins honored Jarry during the first television timeout on Tuesday. Fans applauded as Jarry waved his stick to the crowd, tapped his chest and held his glove in the air. The home crowd also took to their new goaltender with deep chants of “Stu” after each save early in the game.
“I saw a couple signs out there and somebody had a picture of my face,” Skinner said. “It was a great welcome. I really appreciate it from the fans.”
The two-time Western Conference champions acquired Jarry from the Penguins in the hopes of shoring up a position that has cost them during their deep playoff runs in recent years. Jarry stopped 25 shots during his Oilers’ debut against Toronto on Saturday and he made 26 saves on Tuesday. Skinner stopped 17 shots in his Penguins’ debut Tuesday, after he and Kulak spent the weekend settling the immigration process.
“It’s odd, just the whole situation of how quickly we played them after the trade happened,” said Leon Draisaitl, who finished with four assists and reached 1,000 career points. “I’m sure there are lots of people who felt odd about it.”
Skinner, a 2017 third-round pick who has the fifth-most wins in Oilers’ history, helped Edmonton reach the Stanley Cup Final the past two seasons. Pittsburgh also has a deep prospect pool in goal, led by 21-year-old Sergei Murashov, in addition to 23-year-old Joel Blomqvist and 24-year-old Arturs Silovs, the backup to Skinner on Tuesday.
The Oilers’ problems in goal have played a role in keeping McDavid and Draisaitl and company from getting over the hump and winning the Stanley Cup, particularly in the last two seasons against Florida.
“Those guys were a big part of this group the last number of years,” McDavid said. “It’s strange to see him in the other net.”
Jarry, a two-time All-Star with Pittsburgh, starred for the Edmonton Oil Kings in junior hockey. He signed a five-year contract with Pittsburgh in 2023, but struggled so badly last season that the Penguins demoted him to their minor league affiliate. The 30-year-old Jarry bounced back under first-year Penguins’ coach Dan Muse, starting the season 9-3-1 with a 2.66 goals-against average and a .909 save percentage.
“I’m sure they’re both excited to get this out of the way,” McDavid said. “I’m happy we came in here and won the game for (Jarry). Now, we can look ahead.”
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Edmonton Oilers' Connor McDavid (97) has a shot blocked by Pittsburgh Penguins goalie Stuart Skinner (74) during the first period of an NHL hockey game in Pittsburgh, Tuesday, Dec. 16, 2025. (AP Photo/Gene J. Puskar)
Edmonton Oilers goaltender Tristan Jarry, right, celebrates with Connor McDavid, center, and Andrew Mangiapane (88) following an NHL hockey game against the Pittsburgh Penguins in Pittsburgh, Tuesday, Dec. 16, 2025. (AP Photo/Gene J. Puskar)
Pittsburgh Penguins goalie Stuart Skinner tosses a towel during a first period timeout in an NHL hockey game against the Edmonton Oilers, in Pittsburgh, Tuesday, Dec. 16, 2025. (AP Photo/Gene J. Puskar)
Edmonton Oilers goaltender Tristan Jarry acknowledges fans after a tribute to his time with the Pittsburgh Penguins during a first period timeout during an NHL hockey game against the Pittsburgh Penguins, in Pittsburgh, Tuesday, Dec. 16, 2025. (AP Photo/Gene J. Puskar)
