Housing prices hit record highs in July at $434,100, but sales are slowing—marking a wild market paradox. After 37 straight months of year-over-year price gains, fewer homes are selling, partly due to sky-high mortgage rates over 6.5% and homeowners holding tight to their low-rate loans. Meanwhile, luxury homes ($1M+) saw a 15% sales surge, while affordable homes under $250K lagged. Nationwide, the market’s showing surprising stability—with year-to-date sales up—but experts say rates closer to 6% would spark much stronger activity. It’s a fractured landscape: prices keep climbing, sales stall, and buyers and sellers are stuck in a tense standoff.
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