US home prices hit an all-time high, even as sales continue to slow

Home prices hit an all-time high, even as sales continue to slow

Realtor.com chief economist shares her advice for homebuyers and sellersReplayMore Videos ... (16 Videos)Realtor.com chief economist shares her advice for homebuyers and sellersProducts on the shelves getting smaller? You can blame 'shrinkflation'Amid inflation, economist warns avoiding recession won't be 'easy path'What can Biden actually do about inflation? History is a guide'Worse than we anticipated:' CNN reporter breaks down inflation dataLook back at when the euro hit parity with the dollar in 2002'America's job machine is firing on all cylinders': Romans on the June jobs reportRecession is likely coming. How bad will it be?Child care costs are rising. See how parents are copingCiti chief economist: Recession risk is risingSchwab top strategist: Consumers 'much better prepared' for downturn compared to Great Recession'Pay rent or buy some food': Millions of renters unsure if they can make rentShrinking UK economy could lead to a recession amid 40-year high inflationPowell: Recession after rate hikes certainly a possibilityWarren to Powell: Don't drive this economy off a cliffAnalyst: Gas tax holiday 'won't change people's behavior'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. How much house can I afford? "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.Read More"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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