The housing market may not feel as busy this summer, but there’s good news for homeowners: home values are still going up. That means even if fewer homes are selling, those who already own are continuing to build serious wealth.

According to the latest report from the National Association of REALTORS®, existing-home sales dropped by 2.7% in June, keeping pace with last year’s slower activity. But prices? Still rising. The national median home price hit $435,300 in June, the highest ever recorded for that month. On average, homeowners have gained more than $140,000 in equity over the past five years. That’s a big deal, especially compared to renters. Experts say by the end of this year, the typical homeowner’s net worth could hit around $430,000, while the average renter’s net worth might sit closer to $10,000. In short? Owning a home continues to be one of the best ways to build long-term financial stability.

🛑 So What’s Slowing Things Down?

There’s no shortage of people who want to buy, it’s just getting harder to afford. While inventory (the number of homes for sale) is starting to rise, up 16% from last year, there’s still not enough, especially for first-time buyers. And with mortgage rates staying high, affordability is a big hurdle. Only 30% of June home sales came from first-time buyers. Normally, that number is closer to 40%. Until we see more affordable homes being built and rates come down, many buyers are waiting on the sidelines.

Right now, 30-year fixed mortgage rates are hanging out in the mid-to-high 6% range, which puts a squeeze on what buyers can afford. But here’s some hopeful news: if rates dropped just a bit, to around 6%, it could open the door for 5.5 million more households to afford a median-priced home, including 1.6 million renters. Many experts think the Federal Reserve may start cutting rates later this year, which could help bring mortgage rates down and give the market a much-needed boost. “If rates drop in the second half of 2025,” says NAR’s chief economist Lawrence Yun, “we’ll likely see sales pick up again thanks to a strong economy, solid inventory, and plenty of job growth.”

In the meantime, a lot of homes are still being sold, but many are going to cash buyers. Almost 30% of homes sold in June were bought without a mortgage. And while investors usually make up a big part of that group, this time it’s different: more repeat buyers are using the equity from their previous homes to purchase their next one outright.

📍 How the Market Is Doing Around the Country

Here’s a quick look at how June’s sales and prices shaped up in different regions:

  • Northeast: Sales were down 8% from May. Median price: $543,300 (+4.2% from last year).

  • Midwest: Sales dropped 4% month-over-month. Median price: $337,600 (+3.4%).

  • South: Sales fell 2.2%. Median price: $374,500 (up slightly by 0.3%).

  • West: The only region to see a sales increase (up 1.4%). Median price: $636,100 (+1%).

✅ Final Takeaway

Even though it’s a little tougher out there for buyers right now, homeowners are continuing to see big financial gains and there’s hope that rate cuts in the near future could make homeownership more accessible again.

Now remember, these are all numbers from the national scale. However, we always say that real estate is local, not national. Greenville’s housing market is actually much healthier than the national market. While homes are sitting on the market longer here too, they are still much more affordable than the national average. So whether you're looking to buy, thinking of selling, or just curious about your home’s value, it’s a great time to check in and talk about your options.