Home prices reached a record high in June, adding more pressure to an already strained market.
The median price for a home sold in the month was $435,300, up 2% from a year ago, and the 24th month of year-over-year price increases, according to the National Association of Realtors. Meanwhile, sales of previously owned homes fell 2.7% on a monthly basis to a seasonally adjusted annual rate of 3.93 million.
Realtor.com senior economist Joel Berner said there haven’t been fewer than 4 million sales since 1995, and “we’re on pace for the slowest year in 30 years.”
Sales fell swiftly in the Northeast, Midwest and South on a monthly basis, though they rose “modestly” in the West. On an annual basis, sales fell in the Northeast and West but rose in the Midwest and South, according to the report.
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Author: Marty Kaufmann
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