By Ryan Kingsley | Scotsman Guide (abridged)
As median U.S. home prices rose to their highest level on record in June, more than one-fifth of properties that sold last month closed above asking price, the largest share in more than a year on a seasonally adjusted basis, according to Redfin.
The roughly 22.2% of homes that sold over list price exceeded the 21.9% share recorded a year ago, but remained measurably below the 24% rate posted in January 2025, which occurred during a typically slow season for home sales.
Overall, the online-only brokerage and listings platform estimates the annual pace of 4.4 million existing-home sales in June was roughly 4.2% higher than a year ago, above the estimate of 4.09 million published by the National Association of Realtors (NAR).
While NAR data shows a 2.4% monthly decline in closed contract activity compared to May, Redfin reported a 0.1% monthly increase — which is the difference between a market maintaining sales momentum or experiencing a measurable contraction. Zillow reported last week that existing-home sales were 9.2% higher than May.
“High-end buyers are driving demand and prices in much of the country,” commented Chen Zhao, head of economics research for Redfin, in the June report. “Many of the house hunters who are buying homes are the ones who can afford today’s high prices and elevated mortgage rates without busting their budget.”
NAR derives its estimates from a weighted sample of Realtor associations and multiple listing service (MLS) data, while Zillow’s sales estimate models out public-record transaction data. Redfin produces its home sales estimates from MLS transactions recorded across thousands of counties.
Nadia Evangelou, principal economist and director of real estate research at NAR, observed that the recent data reinforces the maxim that all housing is local.
“At the national level, the data still indicates a housing shortage, which is why home prices continue to rise. However, local conditions vary by area,” Evangelou noted in an email to Scotsman Guide. “Inventory has recovered much faster in parts of the South, giving buyers more choices and moderating price growth, while many markets in the Northeast and Midwest continue to deal with limited inventory and faster price appreciation.”
Evangelou also pointed to vast differences in consumer buying power across U.S. metros.
“A buyer earning $100,000 a year can afford only about 7% of the homes currently listed for sale in San Francisco and Boston, and just 4% in Los Angeles,” she commented. “In contrast, that same buyer can afford about 67% of the listings in Cleveland.”
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