Rocket Companies Inc. Press Release: Housing Market Update – July 13, 2026

According to the report, the median U.S. home-sale price rose 2.2% year-over-year, hitting an impressive $408,776 in June. This uptick marks a notable achievement in the housing market, driven by increased demand from affluent buyers, particularly in high-value markets like San Francisco and West Palm Beach.

The report highlights that existing-home sales have also shown resilience, with a slight increase of 0.1% month-over-month, bringing the seasonally adjusted annual rate to approximately 4.4 million—the highest level since November 2022. Year over year, existing-home sales surged by 4.2%. However, total homes sold, which includes both existing and newly built homes, fell 0.5% in June compared to May, although this figure still represents a remarkable 4.5% increase year-over-year.

Pending home sales have demonstrated positive momentum, increasing by 0.5% month-over-month, marking the highest levels since early 2023. The year-over-year comparison reflects a robust 4.5% rise in pending sales, indicative of ongoing buyer interest and market activity.

The report emphasizes how wealthy coastal buyers have significantly influenced the housing market dynamics. San Francisco recorded the most substantial year-over-year median home-sale price increase at 9.2%, followed closely by Pittsburgh at 9.1% and West Palm Beach at 8.6%. Luxury home sales in these regions are substantially contributing to the overall price escalation.

The influx of billionaires and high-net-worth individuals relocating to Florida is attributed to the state’s favorable tax climate and appealing lifestyle. Meanwhile, in the Bay Area, the ongoing AI boom is propelling luxury sales, further driving median prices upward. Chen Zhao, Redfin’s head of economics research, noted, “High-end buyers are driving demand and prices in much of the country,” highlighting the disparity in purchasing power between affluent buyers and the average consumer, who is increasingly priced out due to elevated mortgage rates.

The average 30-year mortgage rate in June was reported at 6.49%, a slight increase that has exacerbated the affordability challenges faced by average homebuyers. Despite the economic uncertainties, including inflation and geopolitical tensions, affluent buyers remain undeterred, continuing to drive demand in the housing market.

Interestingly, while prices are still on the rise, the growth rate is slowing compared to previous years. The report indicates that the current 2% growth in home prices is lower than the 3.5% growth in U.S. wages, making homes slightly more affordable for some buyers.

As demand rises, the competition for homes has intensified, with 22.2% of U.S. homes selling for more than their original list price in June—the highest share in over a year. This competitive landscape is contributing to the overall rise in home prices.

However, a notable trend is emerging as new listings have declined by approximately 1% month-over-month, marking the lowest level since December. Sellers appear to be holding off, contributing to a market imbalance that favors buyers, particularly in metros like Dallas and Jacksonville, where new listings have decreased significantly.

The report encapsulates key metrics for the housing market in June 2026, including:

Overall, the housing market report from Rocket Companies Inc. highlights a complex landscape characterized by rising prices, increased competition, and a shift in buyer demographics. As affluent buyers continue to shape the market dynamics, the broader implications for housing affordability and market accessibility for average consumers remain critical areas for observation in the coming months.