U.S. home prices reach record high in June, despite deepening sales slump
CBSN
Home prices reached an all-time high in June, even as the nation's housing slump continues with fewer people buying homes last month due to an affordability crisis.
The national median sales price rose 4.1% from a year earlier to $426,900, the highest on record going back to 1999. At the same time, sales of previously occupied U.S. homes fell in June for the fourth straight month as elevated mortgage rates and record-high prices kept many would-be homebuyers on the sidelines.
Sales of previously occupied U.S. homes fell 5.4% last month from May to a seasonally adjusted annual rate of 3.89 million, the fourth consecutive month of declines, the National Association of Realtors (NAR) said Tuesday. Existing home sales were also down 5.4% compared with June of last year.
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