Existing-home sale prices hit an all-time high in June

Plus: Trump floats ‘no tax on capital gains’ for home sales

July 24, 2025

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1. Trump floats ‘no tax on capital gains’ for home sales

President Trump on Tuesday floated the possibility of eliminating the federal capital gains tax on home sales — a move that would alter how real estate profits are taxed for the first time in 30 years.

Speaking to reporters in the Oval Office, Trump said he’s considering supporting legislation introduced by Rep. Marjorie Taylor Greene of Georgia that would eliminate the capital gains tax on home sales.

Greene called the tax “an outdated and unfair burden — especially in today’s housing market, where values have skyrocketed.”

"We're thinking about that," Mr. Trump responded to a reporter, when asked how important it is that the capital gains tax be eliminated in order to "unleash" the housing market. "It would also unleash it just by lowering the interest rates," the president said, adding, "If the fed would lower the rates we wouldn't even have to do that. But we are thinking about no tax on capital gains on houses."

2. Zillow reports 5-year inventory high

According to new research from Zillow, housing inventory has reached its highest level in more than five years. As of June 2025, 1.36 million homes were listed for sale — a 2.3% increase from May and a 17.2% jump compared to June 2024. It’s the highest number of active listings since November 2019.

Additionally, in June, 26.6% of active listings had a price reduction — the highest share for any June since Zillow began tracking the metric in 2018, and just shy of the all-time record of 27% set in September 2022.

Dallas was among the metros with the highest share of price cuts, with 36% of listings seeing a reduction.

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3. Catch up quick

😕 Rocket cuts 2% of its workforce. (NMP)

🔻 Fort Worth leads Texas in pending home sales cancellations. (Redfin)

👨‍👩‍👧‍👦 38% of Gen Z homebuyers got help from their parents to buy their first home. (Realtor.com)

📐 Why older homes offer more space. (NMP)

🏘️ Boomers now hold nearly 40% of US housing wealth. (Realtor.com)

4. Texas broker lawsuit against NAR thrown out

A U.S. District Court judge has dismissed a Texas case challenging mandatory membership policies, scoring a victory for the National Association of Realtors.

On July 22, Judge Reed O'Connor dismissed federal antitrust claims as well as state claims made by broker Lou Eytalis against NAR, the Texas Association of Realtors, Wichita Falls Association of Realtors and Paragon MLS Connect.

Eytalis' lawsuit alleged that the defendants engaged in monopolistic practices by requiring brokers to join multiple associations as a precondition for access to MLS services, which the suit noted is a necessary tool for most real estate agents to conduct business. The case also claimed such practices were discriminatory.

5. Existing-home sale prices hit an all-time high in June

According to a new report from NAR, home prices continued to climb, with the median existing-home sales price reaching $435,300 in June — a 2% increase from a year ago and a new all-time high.

Also, existing-home sales fell 2.7% in June to a seasonally adjusted annual rate of 3.39 million — unchanged from a year earlier but marking the first time since September 2024 that the pace dropped below 4 million.

  • The total supply of existing homes for sale at the end of June stood at 1.53 million — down slightly from May but up 15.9% compared to a year ago. This represented 4.7 months of inventory at the current sales pace, up from 4.6 months in May and the highest level since 2016.

"Multiple years of undersupply are driving the record high home price. Home construction continues to lag population growth. This is holding back first-time home buyers from entering the market. More supply is needed to increase the share of first-time homebuyers in the coming years even though some markets appear to have a temporary oversupply at the moment."

NAR Chief Economist Lawrence Yun.

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