Market Stats & Mortgage Rates: June & July, 2025
- feliciapage5
- Sep 1
- 2 min read
The real estate market has been slowly cooling since Covid, with local Spartanburg, SC markets remaining stable and only just starting to show signs of minimal price decreases. Interest rates near 7.0% for the majority of 2025 have kept buyers at bay, still holding out hope of seeing 6.0% or below.
June 2025 Local Housing Data:
For our local Spartanburg market:
Compared to June 2024,
there was another double digit increase in closed sales by 13.2%,
a 18.8% increase in inventory,
Median sales price had risen just slightly by 1.0% ,
and days on market fluctuating slightly to 36 days. (1)
July 2025 Local Housing Data:
For our local Spartanburg market:
Compared to July 2024,
there was another double digit increase in closed sales by 9.2%,
a 16.8% increase in inventory,
Median sales price has fallen just slightly by -0.3%,
and days on market fluctuating slightly to 42 days. (2)
Recall we saw a 2.2% drop in sales price in May, read more on why here from my May newsletter.
Mortgage Interest Rates:
Interest Rates in June started out around 6.9%, still hovering around this 7% high that we've seen for most of 2025 with gradual reduction to the end of the month to around 6.6%, spiking back up immediately to 6.85% by mid-July.
We’ve finally just broken to the lowest rates we’ve seen in 10 months at 6.58%. (3) But will this continue to go down and will it stay?
Mortgage Rates, Last 12 months, Freddie Mac. (3)
Sam Khater, Freddie Mac’s chief economist, said in a statement he’s seen
“…purchase application activity is improving as borrowers take advantage of the decline in mortgage rates.” (4)
Recent headlines surrounding new construction worries and the recent scant jobs report and massive adjustments to the May and June reports, has the recession-mongers chomping at the bit and ready for the “I told you so.”
What does the jobs report have to do with the housing market?
Jobs and unemployment are directly linked to the Fed’s decisions to lower interest rates. So - people start losing jobs, then we can get cheaper housing (makes sense right?!). It doesn’t, but it’s the difficult balance our policymakers are charged with in keeping a healthy economy.
There is much hope for a Fed rate decline in September.
The ultimate goal: rates under 6% and builder supply at 6.5 or below. With the steadying market we’re currently seeing the power shift to buyers, but the fear of competition looms with the potential lowering interest rates.
Stay tuned to see how this continues to play out…
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(1)Spartanburg Association of Realors, Monthly Indictors, June 2025 https://scr.stats.showingtime.com/docs/mmi/x/MarketActivityfortheSpartanburgAssociationofREALTORS®?src=page
(2) Spartanburg Association of Realtors, Monthly Indicators, July 2025 https://scr.stats.showingtime.com/docs/mmi/2025-07/x/MarketActivityfortheSpartanburgAssociationofREALTORS®?src=page
(3) Freddie Mac: Mortgage Rates Decrease, June 26, 2025 https://www.freddiemac.com/pmms
(4) Mortgage rates fall to lowest level in 10 months, Aug. 14, 2025, https://www.cnn.com/2025/08/14/business/mortgage-rates-fall-lowest-10-months
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