June 2026 Housing Market Report: Where Home Prices Fell, Where Sellers Cut, and Who Could Afford to Buy
In June 2026 the typical U.S. home was worth $368,142, up 0.8% in a year. Values fell in 11 states, Arizona had the most price cuts, and the median household could afford the typical home in 2 states. Zillow Research data, all 50 states.
The national picture for June 2026
The typical U.S. home rose 0.8% over the year to $368,142 in June, according to the Zillow Home Value Index, and is up 23.3% over five years. A 20%-down mortgage on that home cost $1,860 a month in principal and interest and took about $98,485 of household income. Typical rent was $1,939, up 2.2% in a year. 24.4% of listings cut their price during the month, homes went pending in 50 days, and 1.36M homes were for sale, up 2.0% from a year earlier.
Underneath that average, the 50 states moved in different directions. Values were falling in 11 states and rising in 38; 24 states were at an all-time high while Arizona sat 9.4% below its July 2022 peak of $462,506. This report reads the state-level Zillow files for June 2026 as published, with no modeling and no forecasts.
Where home prices were falling: 11 states
The steepest year-over-year declines were in Florida (-2.8%), Nevada (-2.1%), Colorado (-2.0%), Texas (-1.9%), and Arizona (-1.6%). Florida's typical home stood at $375,488, 7.2% below its May 2024 peak of $404,529. At the other end, Alaska (+5.7%), North Dakota (+5.4%), and New York (+5.2%) posted the fastest gains.
By region, the West carried the highest median state value at $476K and the South the lowest at $271K. The West was down 0.1% on the median state, with values falling in 7 of its 13 states, the Northeast was up 2.4% on the median state, with values falling in 0 of its 11 states, the Midwest was up 3.7% on the median state, with values falling in 0 of its 12 states, and the South was up 1.1% on the median state, with values falling in 4 of its 14 states.
| State | Typical home | 1 yr | 5 yr | vs. peak |
|---|---|---|---|---|
| Florida | $375,488 | -2.8% | +25.3% | -7.2% |
| Nevada | $443,749 | -2.1% | +21.2% | -3.9% |
| Colorado | $532,086 | -2.0% | +9.6% | -7.2% |
| Texas | $300,292 | -1.9% | +14.8% | -5.8% |
| Arizona | $419,201 | -1.6% | +15.2% | -9.4% |
| Kentucky | $232,420 | -1.0% | +27.3% | -1.0% |
| Georgia | $331,098 | -0.9% | +26.2% | -2.7% |
| Washington | $592,543 | -0.6% | +14.0% | -2.6% |
| Oregon | $495,279 | -0.5% | +10.1% | -3.8% |
| California | $762,587 | -0.4% | +16.8% | -2.5% |
Where sellers were cutting prices: Arizona led at 30.7%
Price cuts are the earliest sign that a market is turning. Arizona (30.7%), Tennessee (30.0%), Utah (29.4%), Colorado (29.3%), and Washington (27.4%) had the largest share of listings with a reduced price, all above the national 24.4%. The fewest cuts were in Wisconsin (14.9%), New York (15.2%), and Connecticut (16.7%).
Combining price cuts with days to pending and the change in homes for sale, 5 states were cold, buyer's markets (North Carolina, Tennessee, Georgia, South Carolina, and Oklahoma) and 3 were hot, seller's markets (California, Rhode Island, and Idaho). Florida had the slowest sales at 89 days to pending; Connecticut the fastest at 20.
| State | Price cuts | vs. year ago | Days to pending | Homes for sale | Market |
|---|---|---|---|---|---|
| Arizona | 30.7% | -3.0 pts | 63 | -0.3% | Cool |
| Tennessee | 30.0% | -1.0 pts | 59 | +11.4% | Cold |
| Utah | 29.4% | -1.5 pts | 49 | +3.3% | Cool |
| Colorado | 29.3% | -1.2 pts | 48 | -1.8% | Warm |
| Washington | 27.4% | +0.8 pts | 36 | +16.6% | Cool |
| South Carolina | 27.3% | -0.6 pts | 68 | +8.5% | Cold |
| Delaware | 27.2% | -0.4 pts | 38 | +13.6% | Cool |
| North Carolina | 27.1% | -0.3 pts | 52 | +10.3% | Cold |
| Indiana | 27.1% | -0.3 pts | 38 | +11.1% | Cool |
| Nevada | 27.0% | -2.2 pts | 57 | -1.7% | Cool |
Who could still afford to buy: the median household cleared the bar in 2 states
Zillow's income-needed figure assumes 20% down at that month's rates and a payment of no more than 30% of income. Set against each state's median household income from the Census Bureau, the typical household could afford the typical home in 2 of 50 states: West Virginia and Iowa. The widest gaps were in California (needed $194K, median earns $92K), Hawaii (needed $198K, median earns $95K), and Massachusetts (needed $174K, median earns $101K).
Renting was cheaper than a mortgage payment in 36 of the 50 largest metros, one per state. The widest gap in favor of renting was Los Angeles (California) at $1,871 a month; buying won most clearly in Charleston (West Virginia), where the payment was $466 below rent. Both comparisons leave out property tax, insurance and maintenance.
| State | Typical home | Payment | Income needed | Median income | Gap |
|---|---|---|---|---|---|
| West Virginia | $178,530 | $902 | $46,172 | $54,515 | -15% |
| Iowa | $238,742 | $1,206 | $69,328 | $72,429 | -4% |
| Kentucky | $232,420 | $1,174 | $62,146 | $60,407 | +3% |
| Mississippi | $197,891 | $1,000 | $54,917 | $52,985 | +4% |
| Kansas | $248,420 | $1,255 | $73,196 | $69,747 | +5% |
| California | $762,587 | $3,852 | $194,013 | $91,905 | +111% |
| Hawaii | $829,420 | $4,190 | $198,378 | $94,814 | +109% |
| Massachusetts | $659,317 | $3,330 | $174,057 | $101,370 | +72% |
| Washington | $592,543 | $2,993 | $153,488 | $90,325 | +70% |
| New Jersey | $576,162 | $2,910 | $164,316 | $97,126 | +69% |
How to read this report
Every housing figure is Zillow Research's published number for June 2026: the Zillow Home Value Index (typical value of homes in the middle third of a market, not a median sale price), the Zillow Observed Rent Index for each state's largest metro, Zillow's mortgage payment and income-needed series, and its inventory, price-cut and days-to-pending metrics. Sale and list prices are the latest available at the time, which can lag a month. Median household income is from the Census Bureau's American Community Survey and does not change month to month. The current 50-state table, map and a page for every state are on the housing hub.
June 2026 Housing Market FAQ
What is the median home price in the United States?
$380,549 was the U.S. median sale price and $414,667 the median list price in the latest Zillow Research release. The typical U.S. home value, the Zillow Home Value Index this page ranks states by, is $368,142, up 0.8% over the past year and up 23.3% over five years. A 20%-down mortgage on the typical home runs $1,860 a month in principal and interest, which takes about $98,485 of household income.
What is the cheapest state to buy a house?
West Virginia is the cheapest state to buy a house, with a typical home value of $178,530 in the latest Zillow Research release, followed by Mississippi ($197,891), Louisiana ($216,894), Oklahoma ($222,536), and Arkansas ($226,618). A 20%-down mortgage on the typical West Virginia home is $902 a month, and buying it takes about $46,172 of income against a median household income of $54,515.
Which state has the most expensive homes?
Hawaii has the most expensive typical home at $829,420, then California ($762,587), Massachusetts ($659,317), Washington ($592,543), and New Jersey ($576,162). Buying the typical Hawaii home takes about $198,378 of household income; the state's median household earns $94,814.
Which states are most affordable relative to income?
West Virginia is the most affordable state relative to what households actually earn: buying the typical home takes $46,172 of income and the median household earns $54,515. The next most affordable are Iowa, Kentucky, Mississippi, and Kansas. The least affordable is California, where the income needed ($194,013) is 111.1% above the median household income.
How much income do you need to buy a house in each state?
It ranges from $46,172 in West Virginia to $198,378 in Hawaii, using Zillow's assumptions of 20% down at current mortgage rates and a payment of no more than 30% of income. Nationally the figure is $98,485. The median household earns enough to clear that bar in 2 states and falls short in 48. The full figure for every state is in the table above.
What is the average mortgage payment by state?
The monthly principal-and-interest payment on the typical home with 20% down ranges from $902 in West Virginia to $4,190 in Hawaii; the national figure is $1,860. The cheapest payments are in West Virginia ($902), Mississippi ($1,000), Louisiana ($1,096), and Oklahoma ($1,124). These exclude property tax, insurance and HOA dues, which vary widely by state.
Figures are Zillow Research's published state and metro data for June 2026, shown as released with attribution; median household income is from the Census Bureau's American Community Survey. All monthly reports →