Mortgage rates are near 7%, home sales are historically low, and affordability is stretched thin. Yet, national home prices continue to rise.
In Episode 50 of the RiskWire Webcast, Veros Senior Research Economist Reena Agrawal breaks down the data and insights on the current housing market behavior.
Key takeaways:
- The median existing home price exceeded $434,000 in July 2026, up 2% from the previous year. However, existing home sales fell to an annualized rate of 4.06 million in July, down 1.7 % from June.
- Sharp price declines generally require sellers who are willing or forced to accept substantially lower offers. Foreclosures and short sales accounted for only 2% of existing home transactions in July, indicating that widespread forced selling has not happened.
- Builders face greater pressure to sell available homes and reinvest their capital. In July, the median new-home price declined 0.9% year-over-year. With more inventory to move, builders can adjust prices or offer buyer incentives more quickly.
- National home-price appreciation hides regional differences. In July, existing home prices increased 5.2% year-over-year in the Northeast and 2.8% in the Midwest, compared with 0.9% in the South and 0.2% in the West.
Watch Episode 50 of the RiskWire Webcast for a closer look at why high mortgage rates have affected home sales more than home prices: Webcast & Interviews – RiskWire, powered by Veros
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