US Housing Market Hits Record Home Prices as Job Postings Fall 37% Since 2022

• The US housing market saw the median existing home price climb to a record $408,776 in June, even as affordability continued to deteriorate
• Indeed job postings have fallen 37.2% since April 2022, pointing to slower hiring momentum across the US job market
• Tight housing inventory and increasing mortgage rates continue to weigh on prospective buyers despite resilient home sales

The US housing market keeps sending mixed signals. Home prices continue to climb despite years of affordability concerns, while fresh labor market data suggests hiring demand is gradually losing steam. Both these stories paint a picture of an economy where buying a home remains difficult. This is even as overall conditions begin to soften. The tension is becoming harder for prospective buyers to ignore.

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Record US Home Prices Deepen Housing Affordability Concerns

The US housing market reached another milestone, with the median sale price of an existing home climbing to a record $408,776. The figure marked a 2.2% year-over-year increase, extending the steady rise in home values despite elevated borrowing costs. Existing home sales also rose 4.2% from a year earlier to a seasonally adjusted annual rate of roughly 4.4 million. This suggested demand has remained resilient in several markets.

The gains were far from uniform. San Francisco posted a 9.2% annual increase in median sale prices, while Pittsburgh and West Palm Beach followed closely with gains of 9.1% and 8.6%, respectively. San Francisco and West Palm Beach also recorded the strongest growth in closed sales. This shows pockets where buyer activity has been rising.

At the same time, supply remains constrained. New listings slipped 0.8% month over month to about 377,000, their lowest level since December, limiting options for buyers and keeping US housing affordability under pressure. Recent data from the National Association of Realtors likewise shows housing inventory remains relatively tight, even as mortgage rates continue to weigh on purchasing decisions.

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A Softer US Job Market Adds Another Layer of Uncertainty

Housing challenges are unfolding alongside signs of cooling in the US job market. Data from Indeed shows job postings have fallen 37.2% since April 2022 and were 3.5% lower than a year ago in the week ending July 10. New postings have also dropped below pre-pandemic levels. This points to slower hiring momentum across the economy.

While the labor market remains historically healthy, weaker hiring can affect buyer confidence. This is mostly for first-time purchasers already navigating higher mortgage rates, limited housing inventory, and elevated US home prices. None of these trends necessarily signal an imminent downturn. But together they suggest the housing market today is becoming increasingly difficult to navigate, even as demand continues to hold up in parts of the country.

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