CAMBRIDGE, Massachusetts — A new report from Harvard University's Joint Center for Housing Studies found that U.S. existing-home sales remain near their lowest levels in about three decades, highlighting continued affordability pressures and slowing mobility in the housing market.
The findings were released on June 17 in the center's annual "State of the Nation's Housing 2026" report. Researchers said persistent affordability challenges, elevated homebuying costs and broader economic uncertainty have weighed on housing activity across the United States. The report stated that "sales of existing homes sit at three-decade lows," while inventories have risen as potential buyers face high borrowing and ownership costs.
According to the Harvard report, weakening labor-market conditions and slower population growth have also contributed to softer housing demand. Researchers said household formation has slowed, limiting activity in both the ownership and rental markets. The center noted that housing affordability remains a challenge for households across a wide range of income levels.
The report comes as homeownership costs remain near record highs. Data cited by the Joint Center show that rising home prices, mortgage rates, property taxes and insurance expenses have increased the financial burden on prospective buyers. The center reported that monthly costs associated with purchasing a median-priced home have climbed substantially in recent years, leaving many households unable to enter the market.
"Persistent affordability challenges and rising economic uncertainty are hurting housing conditions," the report said, according to materials released by the Joint Center. Researchers added that cost burdens have continued to worsen for both renters and homeowners.
Industry groups and housing analysts have reported similar trends. The National Association of Home Builders said affordability pressures continue to constrain housing demand, while elevated mortgage rates have limited both purchases and new construction activity. Builder sentiment weakened in June, according to industry data released earlier this month.
At the same time, some housing indicators have shown signs of stabilization. The National Association of Realtors reported that pending home sales increased in May to their highest level in six months, suggesting that some buyers have returned to the market despite financing challenges. However, economists cited by Reuters said affordability and inventory constraints remain significant factors affecting overall activity.
The Harvard report also pointed to rising housing-cost burdens nationwide and said assistance programs remain insufficient for many households. State and local governments have pursued measures aimed at expanding housing supply and reducing costs, while researchers said broader policy responses may be required to address long-term challenges.
As of June, the Joint Center said housing conditions remained subdued despite modest improvements in some market indicators. Existing-home sales continue to hover near levels not seen in roughly 30 years, while affordability remains a central concern for buyers, renters and policymakers.
