North American housing markets show mixed trends in June 2026

In the United States, pending home sales fell 5.4% month‑over‑month and 0.3% year‑over‑year in June, according to the National Association of REALTORS®. NAR chief economist Dr. Lawrence Yun said the decline reflects “the highest mortgage rates in nearly a year and the record‑high national median home price,” making the market especially tough for first‑time buyers. Mortgage rates rose to 6.55% after renewed Middle‑East tensions, and Zillow senior economist Kara Ng noted that higher oil prices are keeping borrowing costs elevated.

In Canada, national home sales edged up 0.5% from May to June and 0.9% year‑over‑year, while the average price held steady at $696,078. CREA senior economist Shaun Cathcart highlighted that “fixed mortgage rates have eased from their peak in April, and rate hikes from the Bank of Canada this year are much less likely.” Despite the modest uptick, CREA lowered its 2026 sales forecast to 463,336 units, a 1.4% decline from 2025, and revised the average price rise to 1.1% ($686,710). The Canadian Mortgage and Housing Corporation reported a 13% year‑over‑year drop in new housing starts nationwide, with Montreal the only major market posting growth.

Overall, the June data suggest divergent dynamics: a weakening U.S. market under pressure from higher financing costs, and a Canadian market that remains stable but faces a downward outlook for both sales volume and construction activity.