US home prices hit an all-time high as sales slow and mortgage rates rise
Summary
U.S. home sales showed a small drop in June, while the median home price reached a record high of $440,600. Rising mortgage rates and high prices make it harder for people to afford homes, even though sales have stayed near a low level.Key Facts
- Existing home sales in the U.S. fell 2.4% in June compared to May.
- The annual rate of home sales in June was 4.09 million units, below the expected 4.21 million.
- Home sales have stayed close to 4 million annually since 2023, below the usual 5.2 million.
- The national median home price in June reached $440,600, the highest on record since 1999.
- Home prices have increased every year for 36 months straight.
- Mortgage rates recently ranged between 6.23% and 6.53%, their highest since August of the previous year.
- Higher mortgage rates and home prices reduce affordability for buyers.
- Sales reflect contracts made when mortgage rates were rising amid concerns about inflation and the U.S.–Iran conflict.
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