Wealthy buyers push US home prices to all-time high in June
“High-end buyers are driving demand and prices in much of the country,” said Chen Zhao, Redfin’s head of economics research.
“There’s a pool of higher-income buyers who are purchasing seven-figure homes, but a lot of first-time and average move-up buyers are priced out as mortgage rates stay near 6.5%, making monthly payments challenging.”
June’s average 30-year fixed mortgage rate stood at 6.49%, up slightly from May, according to Redfin. With rates expected to hold in the mid-6% range through the rest of 2026, the only meaningful affordability relief is the wage-price gap: US wages grew roughly 3.5% versus home price growth of 2.2%, per Redfin.
Median sale price — year over year
| Metro | Change |
|---|---|
| San Francisco, CA top | +9.2% |
| Pittsburgh, PA | +9.1% |
| West Palm Beach, FL | +8.6% |
| Portland, OR | −1.8% |
| San Jose, CA | −3.9% |
| Seattle, WA bottom | −4.9% |
Pending home sales — year over year
| Metro | Change |
|---|---|
| San Francisco, CA top | +16.4% |
| Austin, TX | +13.2% |
| West Palm Beach, FL | +13.0% |
| Denver, CO | −3.1% |
| Houston, TX | −10.5% |
| Seattle, WA bottom | −10.8% |
Closed home sales — year over year
| Metro | Change |
|---|---|
| West Palm Beach, FL top | +23.8% |
| San Francisco, CA | +23.1% |
| San Diego, CA | +12.8% |
| Atlanta, GA | −3.7% |
| Seattle, WA | −5.9% |
| Philadelphia, PA bottom | −6.8% |
Source: Redfin, June 2026. Based on 50 most populous US metro areas. All figures year over year.
Competition climbs as new listings fall
Stronger demand is tightening the market for those who can participate. In June, 22.2% of US homes sold for above their original list price – the highest share in over a year on a seasonally adjusted basis, according to Redfin.
New listings fell roughly 1% month over month to their lowest level since December, as sellers in buyer-heavy markets held back, waiting for conditions to rebalance.
