U.S. home prices hit an all-time high as sales slow and mortgage rates rise
Summary
Sales of previously owned homes in the U.S. fell in June but home prices reached a record high. The median home price rose to $440,600, making it harder for buyers to afford homes despite some lower mortgage rates compared to last year.Key Facts
- Existing home sales dropped 2.4% in June to a yearly rate of 4.09 million homes.
- Sales were 2.8% higher than in June last year but below economists’ predictions.
- The typical annual sales pace is about 5.2 million, higher than the current 4-million level.
- Mortgage rates rose since the U.S.-Iran conflict began, contributing to slower sales.
- The median home price in the U.S. hit $440,600 in June, the highest since records began in 1999.
- Home prices have increased for 36 months in a row.
- The housing market has been weak since 2022 due to rising mortgage rates.
- Sales in the first half of this year only slightly increased from last year by 0.7%.
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