Sales of previously owned homes in the United States experienced a slight increase in May 2025 but remained near historically low levels due to persistent affordability challenges driven by high mortgage rates and elevated home prices. Despite the modest rise, the housing market continued to show signs of weakness, with buyers deterred by record prices and borrowing costs. In June 2025, sales of existing homes declined to a nine-month low, reflecting ongoing market constraints. New home sales in June rose marginally by 0.6% month-over-month to 627,000 units, slightly below the estimated 650,000, with supply standing at 9.8 months and a median sales price of $401,800. Additionally, pending home sales fell by 0.8% in June, missing expectations of a 0.2% increase and marking a continuation of subdued contract activity. Mortgage applications also declined by 3.8% in late July, while the 30-year mortgage rate remained relatively stable at 6.83%. Concurrently, UK mortgage approvals increased modestly in May and June 2025, reaching 63,032 and 64,167 respectively, surpassing forecasts. The data collectively indicate that high borrowing costs and elevated home prices continue to suppress housing market activity in the US and UK.