US Existing-Home Prices Trend Lower in June

On Tuesday, Redfin reported that US home prices ticked down 0.1% month-over-month in June, marking the third consecutive month that prices were slightly lower on a seasonally adjusted basis. Compared to a year earlier, prices were up 3.4%—the smallest annual increase since June 2023.

The Redfin Home Price Index (RHPI) uses the repeat-sales pricing method to calculate seasonally adjusted changes in prices of single-family homes. The index measures sale prices of homes that sold during a given period, and how those prices have changed since the last time those same homes sold.

According to Redfin, home prices had been rising slowly over the past two years, supported by limited inventory and just enough buyer demand to spur competition. In 2025, however, price growth has stalled as a surge in housing supply has collided with subdued demand. Sellers now far outnumber buyers, who remain deterred by high mortgage rates and steep prices.

Commenting on the report, Redfin Senior Economist Sheharyar Bokhari said:

“Home prices are slipping a little more each month as sales activity remains sluggish. June was the second month in a row where more than half of the 50 most populous US metros posted a decline in prices. Even with more homes for sale, high mortgage rates are keeping many buyers—and more recently sellers—on the sidelines. We expect prices to fall about 1% by the end of the year as low demand continues to weigh on the market.”