Sales of previously owned homes in the United States showed a slight increase in May 2025 but remained near historically low levels due to persistent challenges in affordability. High mortgage rates and elevated home prices continued to constrain the housing market, limiting buyer activity. However, this modest uptick was short-lived, as sales declined sharply in June to a nine-month low amid ongoing record prices and borrowing costs. The spring selling season of 2025 marked the worst performance in 13 years, with fewer sales contracts signed from April through June than in any year since 2012. Additionally, housing defaults reached their highest levels since 2011, indicating growing stress within the market.