U.S. Median Home Price Reaches Record High as Sales Slow

The cost of buying a home in the United States reached a new record in June, according to the National Association of Realtors.

The median price for an existing home climbed to an all-time high of $400,600, an increase of nearly 2% compared to the same month last year.

At the same time, existing home sales fell 2.4% in June as many buyers continued to grapple with elevated mortgage rates and historically high home prices. The average rate for a 30-year fixed mortgage is currently near its highest level of the year at nearly 6.5%, making monthly payments more expensive for prospective homeowners.

Housing inventory also declined slightly during the month, adding more pressure to an already competitive market.

Economists say that unless more homes become available for sale, limited inventory and strong demand could continue pushing prices higher, making homeownership increasingly difficult for many Americans.

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