US home prices hit record high as housing bill stalls

U.S. home prices have reached a record high, underscoring persistent affordability pressures, as a major housing reform bill remains stalled in Washington.

The median price of existing homes rose to $440,660 in June, up 1.8% from $432,700 a year earlier, according to data from the National Association of Realtors (NAR). The increase marks the 36th consecutive month of annual 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 US media.

NAR data showed that the median price for existing single-family homes stood at $446,400, while condominiums and co-ops averaged $380,000. Regionally, median single-family home prices reached $564,800 in the Northeast, $346,600 in the Midwest, $377,700 in the South and $633,600 in the West.

The figures highlight the ongoing affordability squeeze facing prospective buyers. While home prices have generally trended upward for decades, the only significant decline occurred during the housing downturn that triggered the 2008–09 financial crisis. Prices accelerated sharply during the COVID-19 pandemic as the Federal Reserve cut interest rates to support economic activity.

Affordability has since deteriorated further, with even entry-level properties increasingly out of reach. Fewer than four in ten non-homeowner households can afford a typical starter home priced at around $200,000, according to LendingTree. Real estate brokerage Redfin estimates that households need an annual income of approximately $117,000 to afford the average 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, NAR’s chief economist, told the Associated Press.

The housing market has cooled since 2022, when mortgage rates began rising from pandemic-era lows. Sales of previously owned homes remained largely flat last year, hovering near a 30-year low. In the first half of 2026, seasonally adjusted sales of existing homes increased by just 0.7% compared with the same period a year earlier.

The latest rise in prices comes as the 21st Century ROAD to Housing Act — a sweeping bill aimed at improving affordability — remains in political limbo. The legislation, passed by Congress last month with bipartisan support, proposes measures including reducing regulatory barriers to construction, limiting institutional investment in single-family housing and promoting zoning reforms to accelerate homebuilding.

However, the bill has stalled after President Donald Trump cancelled a planned signing ceremony in late June, stating he would not sign the measure until lawmakers pass separate election legislation known as the SAVE America Act.

The bill’s future remains uncertain. Under the U.S. Constitution, legislation passed by both chambers of Congress becomes law automatically if the president neither signs nor vetoes it within 10 days (excluding Sundays), provided Congress remains in session.

By Tamilla Hasanova