In the four weeks ending June 7, the median U.S. home sale price reached a record $400,894, up 1.5% over the previous year, according to a recent report from Redfin. Further, according to a Redfin analysis of MLS data, that is the first time the average American existing home has sold for more than $400,000.
Additionally, monthly payments are historically high. The average monthly payment was $2,619, which was only $8 less than the 11-month record set in late May. Monthly housing payments are supported by persistently high home values and mortgage rates in the mid-6% range.
“Crossing the $400,000 threshold is a reminder of how difficult it is to break into homeownership for many Americans—and rising prices of other things is making it even harder,” said Chen Zhao, Redfin’s Head of Economics Research.
Key Findings:
Many prospective homeowners are being discouraged by high housing expenses. For the fourth week in a row, pending home sales decreased by 0.6% from the previous week. Prospective purchasers are also being turned off by widespread economic uncertainty; among other financial ups and downs, many Americans are anxious about the Iran conflict, inflation, and the potential for a Fed rate hike.
Despite a weak market for homes, property prices are rising. Despite the fact that there are more sellers than buyers in the market, there is not enough new supply, which keeps prices stable because some potential sellers choose to keep their houses off the market as demand declines. While new listings increased by 0.4%, the overall number of properties for sale remained largely same from week to week. The fact that today’s selling prices are the result of agreements made in April and early May, when mortgage rates were lower and demand was slightly higher, is another factor contributing to the ongoing price increases.
“There are a few bright spots, though. Price growth has lost some steam over the last month, and prices aren’t rising nearly as fast as they were last year. And the high costs of purchasing a home are keeping many buyers out of the market, which has led to a historic buyer’s market in most of the country. So even though prices are high, in many markets—especially places like Nashville and Austin, which were once red hot—the door is open for buyers to negotiate with sellers, ask for concessions and get the terms they want.”
U.S. Highlights — Four weeks ending June 7
| Metric | Four weeks ending June 7, 2026 | Year-over-year (YoY) change |
| Median sale price | $400,894 | 1.5% |
| Median asking price (seasonally adjusted) | $402,664 | 1.3% |
| Median monthly mortgage payment (seasonally adjusted) | $2,619 at a 6.48% mortgage rate | -1.6% |
| Pending sales (seasonally adjusted) | 338,804 | 4% |
| New listings (seasonally adjusted) | 364,759 | 1.1% |
| Active listings (seasonally adjusted) | 1,488,214 | 0.5% |
Note: Redfin’s national metrics include data from 900+ U.S. metro areas and are based on homes listed and/or sold during the period. Weekly housing-market data goes back through 2021. Data is subject to revision.
Top five metros with biggest YoY increases in median sale price:
- San Francisco (11.1%)
- Pittsburgh (9%)
- Newark, NJ (7.6%)
- Nassau County, NY (6.7%)
- St. Louis (6.6%)
Overall, the U.S. median sale price declined in eight metros nationwide.
Top five metros with biggest YoY decreases in median sale price:
- San Antonio (-3.4%)
- San Jose, CA (-2.8%)
- Orlando, FL (-1.5%)
- Portland, OR (-1.1%)
- Seattle (-0.9%)
Top five metros with biggest YoY increases in new listings:
- Baltimore (11%)
- Philadelphia (10.8%)
- Montgomery County, PA (10.7%)
- Boston (10.4%)
- Chicago (8.9%)
Top five metros with biggest YoY decreases in new listings:
- Dallas (-12.4%)
- St. Louis (-12.3%)
- Riverside, CA (-11.6%)
- Nassau County, NY (-7.4%)
- Tampa, FL (-6.5%)
Top five metros with biggest YoY increases in pending sales:
- West Palm Beach, FL (28.8%)
- San Francisco (28.8%)
- Milwaukee (14.6%)
- Austin, Texas (12.9%)
- Boston (11.8%)
Top five metros with biggest YoY decreases in pending sales:
- Houston (-12.8%)
- Seattle (-12%)
- Denver (-5.1%)
- Atlanta (-4%)
- Tampa, FL (-3.2%)
In conclusion, prospective buyers are being turned off by high house costs and unstable economic conditions. As the market remains complicated to navigate for many, homeownership isn’t completely out of reach for Americans look to purchase their dream home.
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