U.S. Home Prices Hit Record High As Bipartisan Housing Bill Becomes Law Despite Trump’s Refusal To Sign It
The cost of buying a home in the United States reached another historic milestone in June, with prices climbing to an all-time high even as lawmakers remain deadlocked over legislation designed to make housing more affordable.
The median price of an existing home rose to $440,660 in June, up 1.8% from $432,700 a year earlier, according to new data released by the National Association of Realtors (NAR). The increase also marks the 36th consecutive month of annual home price gains.
“Housing affordability remains low under slowing wage growth and stronger home price growth,” Ershang Liang, an economist with PNC Economics Research, said in a report cited by CBS News. The NAR data showed that the median price for an existing single-family home reached $446,400, while condominiums and co-ops sold for a median price of $380,000.
Single-family homes in the Northeast posted the highest median price outside the West at $564,800, while prices averaged $346,600 in the Midwest, $377,700 in the South, and $633,600 in the West, the country’s most expensive housing market.
The record prices come after years of rapid appreciation that accelerated during the COVID-19 pandemic. Historically low interest rates, limited housing inventory, and surging demand fueled one of the strongest housing booms in modern history. Although mortgage rates have risen sharply since 2022, home values have largely continued climbing due to persistent supply shortages.
According to LendingTree, fewer than four in 10 households that do not already own a home can afford a typical starter home priced around $200,000. Meanwhile, real estate brokerage Redfin estimates that a household now needs an annual income of roughly $117,000 to purchase the average U.S. home comfortably.
“Without a doubt, the affordability is a major challenge for people who want to become homeowners, which is the reason why we need more supply,” Lawrence Yun, chief economist at the National Association of Realtors, told The Associated Press.
Despite continued price appreciation, the housing market has slowed considerably compared with the pandemic-era frenzy. Existing-home sales have remained subdued since mortgage rates began climbing in 2022, discouraging both buyers and homeowners who are reluctant to give up low-rate mortgages secured during the pandemic.
Sales of previously owned homes remained near a 30-year low throughout last year. During the first half of 2026, seasonally adjusted sales of existing homes were up just 0.7% compared with the same period in 2025, reflecting a market that remains constrained by affordability concerns
Last month, Congress approved the 21st Century ROAD to Housing Act, a bipartisan measure aimed at easing housing costs by encouraging new residential construction, reducing regulatory barriers to development, promoting zoning reforms, and limiting institutional investors’ purchases of single-family homes.
The bill initially appeared poised to become one of the most significant housing policy reforms in years. However, President Donald Trump postponed a planned signing ceremony in late June, saying he would not approve the legislation until Congress also passes the SAVE America Act, an elections measure that has become a separate political priority for the administration. He later allowed the bill to pass but didn’t sign it in protest.
The cost of buying a home in the United States reached another historic milestone in June, with prices climbing to an all-time high even as lawmakers remain deadlocked over legislation designed to make housing more affordable.
The median price of an existing home rose to $440,660 in June, up 1.8% from $432,700 a year earlier, according to new data released by the National Association of Realtors (NAR). The increase marks the 36th consecutive month of annual home price gains, underscoring the resilience of home values despite elevated mortgage rates and sluggish sales activity.
The latest figures highlight the growing financial strain facing would-be homebuyers, particularly first-time purchasers who continue to struggle with a combination of rising prices, high borrowing costs and limited inventory.
“Housing affordability remains low under slowing wage growth and stronger home price growth,” Ershang Liang, an economist with PNC Economics Research, said in a report.
The NAR data showed that the median price for an existing single-family home reached $446,400, while condominiums and co-ops sold for a median price of $380,000.
Regional differences remain significant. Single-family homes in the Northeast posted the highest median price outside the West at $564,800, while prices averaged $346,600 in the Midwest, $377,700 in the South and $633,600 in the West, the country’s most expensive housing market.
Affordability has become the defining challenge of today’s housing market.
According to LendingTree, fewer than four in 10 households that do not already own a home can afford a typical starter home priced around $200,000. Meanwhile, real estate brokerage Redfin estimates that a household now needs an annual income of roughly $117,000 to comfortably purchase the average U.S. home.
“Without a doubt, the affordability is a major challenge for people who want to become homeowners, which is the reason why we need more supply,” Lawrence Yun, chief economist at the National Association of Realtors, told The Associated Press..
