Despite slower sales, homeowners are still seeing record increases in their home equity.

Even though existing-home sales took a dip in June, prices kept rising—good news for homeowners. In fact, the average owner has gained more than $140,000 in home appreciation over the past five years, according to the latest National Association of REALTORS® (NAR) report.

Sellers See Gains, Buyers Proceed Cautiously
Sales of existing homes—including single-family houses, townhomes, condos, and co-ops—fell 2.7% in June, matching last year’s slower-than-usual pace. But prices still moved upward. The national median home price reached $435,300 in June, a 2% increase from last year and the highest ever recorded for the month.

“This record-high median price is a clear sign of how homeownership continues to build wealth,” says Lawrence Yun, NAR’s chief economist. Over the past five years, homeowners’ wealth has grown by an average of $140,900. The wealth gap between owners and renters is also widening—by 2025, homeowners’ median net worth is projected to hit $430,000, compared to just $10,000 for renters.

Affordability Challenges Persist
Years of underbuilding have kept inventory tight, driving prices higher. While housing inventory in June was up 16% from last year, supply still falls short—especially for low- to middle-income buyers. Elevated prices, coupled with mortgage rates in the mid- to high-6% range, continue to make affordability a challenge. First-time buyers made up just 30% of sales in June, well below the historical 40% average.

About 21% of June sales closed above the asking price, down from 29% a year ago. Sixty percent of homes sold in under a month.

Mortgage Rates Hold Sales Back
High mortgage rates remain a key factor keeping sales low. NAR estimates that if rates dropped to 6%, about 5.5 million more households—including 1.6 million renters—could afford the median-priced home. Economists expect potential Federal Reserve rate cuts later this year, which could help lower mortgage rates and boost sales.

Cash Buyers Make Their Move
Nearly 30% of June sales were all-cash—one of the highest shares in history. While investor activity has slowed, more repeat buyers are using equity from previous home sales to purchase their next property outright. About one-third of repeat buyers paid all-cash for their new home.

Regional Sales Snapshot

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

• Midwest: Sales down 4% from May, up 2.2% year-over-year. Median price: $337,600 (+3.4%).

• South: Sales down 2.2% from May, up 1.7% year-over-year. Median price: $374,500 (+0.3%).

• West: Sales up 1.4% from May, down 4.1% year-over-year. Median price: $636,100 (+1%).

  The market may be tricky right now but there are still great opportunities out there. If you’ve been wondering what your home might be worth or if it’s the right time to buy, let’s talk it through. No pressure, just real answers to help you plan your next move.