U.S. home prices have declined 2.5% from June 2025 to June 2026, marking the eighth consecutive annual drop, with the median price at $430,000. Despite this, affordability remains limited due to high mortgage rates (6.49%), rising property taxes, insurance, and maintenance costs. Buyers should consider total ownership expenses—including taxes, insurance, HOA fees, and upkeep—when budgeting, as these ongoing costs often outweigh purchase price reductions.