Home prices across the U.S. hit an all-time high
Summary
U.S. home prices reached a new high in June, with the median price of existing homes at $440,660, according to the National Association of Realtors. A bipartisan housing bill aimed at making homes more affordable is waiting for President Trump’s approval, but he has delayed signing it until another elections bill passes.Key Facts
- The median price of existing homes in the U.S. hit $440,660 in June, up 1.8% from last year.
- Home prices have increased for 36 months in a row.
- Median prices vary by region: Northeast $564,800, Midwest $346,600, South $377,700, West $633,600.
- Rising home prices and slow wage growth have made housing less affordable for many Americans.
- Only about 40% of households that don’t own homes can afford a typical starter home priced around $200,000.
- Households need about $117,000 a year in income to afford the average home, according to Redfin.
- Congress passed the 21st Century ROAD to Housing Act to lower home costs by easing building rules and limiting investors buying homes.
- President Trump delayed signing this housing bill because he wants lawmakers to pass a separate elections bill first.
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