Home prices hit an all-time high, even as sales continue to slow
Jul 20, 2022, 10:53 AM
Home prices hit a new all-time high in June, even as home sales declined for the fifth straight month as lack of affordability continues to push buyers out of the market. (John Raoux/AP via CNN)
(John Raoux/AP via CNN)
(CNN) — Home prices hit a new all-time high in June, even as home sales declined for the fifth straight month as lack of affordability continues to push buyers out of the market.
The median home price was $416,000 last month, up 13.4% from one year ago, according to a report from the National Association of Realtors.
Sales of existing homes — which include single-family homes, townhomes, condominiums and co-ops — were down 5.4% in June from May and 14.2% from a year ago.
“Falling housing affordability continues to take a toll on potential homebuyers,” said Lawrence Yun, NAR chief economist. “Both mortgage rates and home prices have risen too sharply in a short span of time.”
Inventory, which had been tight, saw its first turnaround in three years. The number of homes available for sale at the end of June was up 9.6% from May and 2.4% from a year ago.
“Finally, there are more homes on the market,” said Yun. “Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.”
This is a developing story. It will be updated.
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