The median price of resold homes in America rose to a new all-time high in June, Thursday’s only notable US macro release showed.

If you bought the “typical” American resale property last month you paid $440,600, the NAR said.

That was up 1.8% from June of 2025, the briskest pace of YoY growth since October.

There’s the chart. It’ll be tough to take for so many renters (the country has an estimated 45 million renter “house”holds nationwide) locked out of the American dream.

The NAR release also found existing home sales dropping 2.4% for June, a disappointing result. Consensus wanted a small gain.

The association’s chief economist, Lawrence Yun, tried to spin the numbers as best he could. Despite record-high prices, “affordability is better than a year ago because wage growth is outpacing home price growth,” he said.

Recall that real housing wealth — i.e., the Case-Shiller gauges adjusted for headline CPI — fell a tenth consecutive month in the latest-available figures, as illustrated above.

Although wage growth’s also undershooting overall inflation, paychecks are at least growing faster than home prices. That’s Yun’s point.

But that’s a very, very slow process. It’ll take years for that dynamic to make a meaningful contribution to overall home sales. What buyers need are price cuts, concessions, lower rates and jobs.

“Job gains will continue to provide support for the housing market,” Yun went on, ever the optimist. He did strike a cautionary tone on supply, though, warning that “without consistent gains in inventory, home prices can accelerate” further.