Record Home Prices Continue to Challenge Buyers

Home prices continue to climb across the country, making it increasingly difficult for many buyers to enter the housing market.

According to the National Association of Realtors, the national median home price has reached a record high, driven largely by a shortage of homes for sale.

Economists say elevated mortgage rates have also contributed to the tight inventory, as many homeowners are choosing to stay put rather than give up the lower interest rates they secured in recent years.

Locally, Coachella Valley realtors say Riverside County's median home price has dipped slightly to about $635,000, but demand continues to outpace supply.

Real estate experts warn that if inventory remains limited, home prices could continue to rise, creating additional challenges for first-time buyers trying to save for a down payment and qualify for a mortgage.