US home prices hit an all-time high as sales slow and mortgage rates rise
The median home price rose 1.8% to a record $440,600 as 30-year mortgage rates climbed to 6.49%, NAR said.
- On Thursday, the National Association of Realtors reported existing home sales fell 2.4% in June to 4.09 million units, while the median price hit a record high.
- High mortgage rates coupled with record-high home prices are causing homebuyers to pull back, as market activity remains sluggish this year following inflation concerns tied to the war between the U.S. and Iran.
- Lawrence Yun, the Realtors' chief economist, said "the back-and-forth in monthly home sales activity, driven by mild fluctuations in mortgage rates, shows how sensitive home buyers are to affordability conditions." Inventory at month-end was 1.56 million units, up 1.3% year-over-year.
- The market remains skewed toward luxury properties, with sales above $1 million up 18% from the prior year. Regionally, sales declined everywhere except the Northeast.
- "It is critical to introduce more supply to the market to widen the opportunity for homeownership," Yun said, warning that progress on long-term affordability could be hampered if inventory growth stalls.
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Home prices in the U.S. rise to all-time high
The median price of existing homes in June was $440,660, according to new data from the National Association of Realtors (NAR). That's a jump of almost 2% from a year ago. The post Home prices in the U.S. rise to all-time high appeared first on KYMA.
Housing Prices Hit All-Time High Despite Sales Slowing Down
Source: seksan Mongkhonkhamsao / Getty You know, one of these days I’d love to have some positive news to share about the economy, but today is not that day. Data from the National Association of Realtors (NAR) revealed that housing sales slowed in June, even as home prices reached an all-time high. AP reports that NAR’s data revealed that sales of existing houses fell 2.4% last month from May. Despite sales slowing down, the U.S. median sales …
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